<SEC-DOCUMENT>0001171843-22-007393.txt : 20221114
<SEC-HEADER>0001171843-22-007393.hdr.sgml : 20221114
<ACCEPTANCE-DATETIME>20221110214455
ACCESSION NUMBER:		0001171843-22-007393
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20221110
FILED AS OF DATE:		20221114
DATE AS OF CHANGE:		20221110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sangoma Technologies Corp
		CENTRAL INDEX KEY:			0001753368
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		IRS NUMBER:				980642316
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-41175
		FILM NUMBER:		221379384

	BUSINESS ADDRESS:	
		STREET 1:		100 RENFREW DRIVE, SUITE 100
		CITY:			MARKHAM
		STATE:			A6
		ZIP:			L3R 9R6
		BUSINESS PHONE:		800-388-2475

	MAIL ADDRESS:	
		STREET 1:		100 RENFREW DRIVE, SUITE 100
		CITY:			MARKHAM
		STATE:			A6
		ZIP:			L3R 9R6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_111122.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html><head><title></title></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div align="center"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br /><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br /><strong>Washington, D.C. 20549</strong></p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 6-K</strong></p><p style="text-align: center;"><strong></strong></p><p style="text-align: center;"><strong>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</strong></p><p style="text-align: center;"><strong></strong><strong>For the month of November 2022</strong></p><p style="text-align: center;"><strong>Commission File Number: 001-41175</strong></p><p style="text-align: center;"><font><font style="font-size: 18pt;"><strong>Sangoma Technologies Corporation</strong></font></font><br />(Exact name of Registrant as specified in its charter)</p><p style="text-align: center;"><strong>N/A</strong><br />(Translation of registrant's name into English)</p><p style="text-align: center;"><strong>100 Renfrew Drive<br />Suite 100<br />Markham, Ontario, Canada L3R 9R6<br />(905) 474-1990 </strong><br />(Address and telephone number of registrant&#8217;s principal executive offices)</p></div><p>Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.<br />Form 20-F [&#160;&#160; ] &#160;&#160;&#160;&#160;&#160;Form 40-F [&#160;X ]</p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <u>&#160;&#160;&#160;&#160;&#160; &#160;</u></p><p>Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <u>&#160;&#160;&#160;&#160;&#160; &#160;</u></p><p style="text-align: center;"><strong>INCORPORATION BY REFERENCE</strong></p><p>Exhibit 99.1 and 99.2 of this Form 6-K is incorporated by reference as an additional exhibit to the registrant's Registration Statement on Form F-10 (File No. 333-261071).</p><hr style="page-break-after: always;" noshade="noshade" /><p>
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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<p style="text-align: right; margin: 0"><b>Exhibit 99.1</b></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SANGOMA TECHNOLOGIES CORPORATION</b></p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Condensed consolidated interim financial statements
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>the three month periods ended September 30,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 14pt">September 30, 2022 and 2021</font></p>

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<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sangoma Technologies Corporation</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed consolidated interim statements of financial position</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">As at September 30, 2022, and June 30, 2022</p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">215,929</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">203,032</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">&#160;Shares to be issued</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">166,162</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="margin: 0">&#160;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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  <tr style="vertical-align: bottom">
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    <td style="width: 9%">&#160;</td>
    <td style="width: 24%">&#160;</td>
    <td style="width: 15%">&#160;</td>
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these condensed consolidated
interim financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><b></b></p>

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<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sangoma Technologies Corporation</p>

<p style="text-align: left; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed consolidated interim statements of income (loss) and comprehensive income (loss)</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">For the three month periods ended September 30, 2022 and 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Unaudited in thousands of US dollars, except per share data)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160; &#160; &#160; &#160; &#160; &#160;</p>




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  <tr style="vertical-align: bottom">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accompanying notes are an integral part of these condensed consolidated
interim financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red" ></p>

<!-- Field: Page; Sequence: 4; Value: 2 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red" ></p>

<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sangoma Technologies Corporation</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed consolidated interim statements of changes in shareholders' equity</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">For the three month periods ended September 30, 2022 and 2021</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Unaudited in thousands of US dollars, except per share data) &#160; &#160; &#160; &#160; &#160; &#160;</p>



<p style="margin: 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-top: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</td><td style="border-top: Black 1pt solid">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: right">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,301</td><td style="white-space: nowrap; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,301</td><td style="white-space: nowrap; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left">Change in fair value of interest rate swaps,</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; padding-left: 10pt">&#160;net of tax (Note 15)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">39</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">Rounding of fractional shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; padding-left: 10pt">&#160;after share consolidation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; font-weight: bold">Balance, September 30, 2021</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">192,102</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">7,512</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">(294</td><td style="white-space: nowrap; font-weight: bold; text-align: left">)</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">Balance, July 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">21,439,632</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">203,032</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">179,132</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,055</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">839</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(104,250</td><td style="white-space: nowrap; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">293,808</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left">Net loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,976</td><td style="white-space: nowrap; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,976</td><td style="white-space: nowrap; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left">Change in fair value of interest rate swaps,</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; padding-left: 10pt">&#160;net of tax (Note 15)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">437</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">437</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap">Common shares issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="white-space: nowrap; text-align: left; padding-left: 20pt">&#160;as instalment for shares to be issued (Note 17(i))</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">857,144</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,970</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(12,970</td><td style="white-space: nowrap; text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap">Common shares issued</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="white-space: nowrap; text-align: left; padding-left: 10pt">&#160;for options exercised (Note 17(i))</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.15pt 0pt 14.2pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">The
accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: Red"><b></b></p>

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<p style="font: bold 18pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sangoma Technologies Corporation</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Condensed consolidated interim statements of cash flows</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">For the three month periods ended September 30, 2022 and 2021</p>

<p style="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Unaudited in thousands of US dollars, except per share data) &#160; &#160;</p>




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    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,967</td><td style="white-space: nowrap; text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">The
accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt" ></p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">1.</td><td style="text-align: justify">General information</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Founded in 1984, Sangoma Technologies
Corporation (&ldquo;Sangoma&rdquo; or the &ldquo;Company&rdquo;) is publicly traded on the Toronto Stock Exchange (TSX: STC) and NASDAQ
(NASDAQ: SANG). The Company&rsquo;s shares were traded on the TSX Venture Exchange under the symbol STC until November 1, 2021, at which
point the Company&rsquo;s shares commenced trading on the TSX. In conjunction with listing on the TSX, the Company&rsquo;s shares were
delisted from the TSX Venture Exchange. The Company&rsquo;s shares commenced trading on NASDAQ on December 16, 2021. The Company was incorporated
in Canada, its legal name is Sangoma Technologies&#160;Corporation and its primary operating subsidiaries for fiscal 2023 are Sangoma
Technologies&#160;Inc., Sangoma US Inc., VoIP Supply LLC, Digium Inc., VoIP Innovations LLC, Star2Star Communications LLC, and NetFortris
Corporation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Sangoma is a leading provider of hardware
and software components that enable or enhance Internet Protocol Communications Systems for both telecom and datacom applications. Enterprises,
small to medium sized businesses (&ldquo;SMBs&rdquo;) and telecom operators in over 150 countries rely on Sangoma&rsquo;s technology as
part of their mission critical infrastructures. The product line includes data and telecom boards for media and signal processing, as
well as gateway appliances and software.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company is domiciled in Ontario,
Canada. The address of the Company&rsquo;s registered office is 100 Renfrew Dr., Suite&#160;100, Markham, Ontario, L3R 9R6 and the Company
operates in multiple jurisdictions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">2.</td><td style="text-align: justify">Significant accounting policies</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Statement of compliance and basis
of presentation</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These interim financial statements for
the three months ended September 30, 2022 and 2021 have been prepared in accordance with International Accounting Standard 34 Interim
Financial Reporting, as issued by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">These interim financial statements
do not include all of the disclosures required by International Financial Reporting Standards (&ldquo;IFRS&rdquo;) for annual consolidated
financial statements and accordingly should be read in conjunction with the Company&rsquo;s audited consolidated financial statements
for the year ended June 30, 2022 (&ldquo;annual financial statements&rdquo;) prepared in accordance with IFRS as issued by the IASB.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the fourth quarter ended June
30, 2022, the Company identified an inconsistency in its treatment of certain revenues being recorded gross versus net. As a result, the
Company corrected the presentation of revenue in its annual consolidated financial statements for the year ended June 30, 2022. As indicated
in our management discussion &amp; analysis for the fourth quarter ended June 30, 2022 (the &ldquo;Fiscal 2022 MD&amp;A&rdquo;), the impacts
of these immaterial changes to each quarter of fiscal 2022 were not material. In these unaudited condensed consolidated interim financial
statements, the comparative period has been reclassified for this immaterial change. As a result, revenue and gross margin have been reduced
by $980 and sales and marketing expense has been reduced by $980 in the three months ended September 30, 2021 as compared to amounts previously
reported. The impact of this change had no impact on net loss or cash flow from operations for the comparative period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The condensed consolidated interim
financial statements were authorized for issue by the Board of Directors on November 10, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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<td style="width: 0"></td><td style="width: 0.5in">3.</td><td>Significant accounting judgments, estimates and uncertainties</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.45pt"><font style="font-weight: normal">These
unaudited condensed consolidated interim financial statements were prepared using the same basis of presentation, accounting policies
and methods of computation as those of the audited consolidated financial statements for the year ended June 30, 2022 and which are available
at www.sedar.com. They were prepared using the same critical estimates and judgments in applying the accounting policies as those of the
audited consolidated financial statements for the year ended June 30, 2022.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The preparation of the interim financial
statements requires Management to make judgments, estimates and assumptions that affect the application of accounting policies and reported
assets, liabilities, revenue and expenses, consistent with those described in the Company&rsquo;s annual financial statements and as described
in these interim financial statements. Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical
experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain
instances from the assumptions and estimates made. Changes will be recorded, with the corresponding effect on profit or loss, when, and
if, better information is obtained.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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<td style="width: 0; text-align: right"></td><td style="width: 0.5in"><b>4.</b></td><td style="text-align: justify"><b>Financial instruments</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair values of the cash and cash
equivalents, trade and other receivables, derivative assets, contract assets, other current assets, accounts payable and accrued liabilities,
consideration payable and derivative liabilities approximate their carrying values due to the relatively short-term nature of these financial
instruments or as these financial instruments are fair valued at each reporting period. 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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Cash and cash equivalents are comprised of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 September 30, 2022 and June 30, 2022 the Company had no cash equivalents.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Total interest income and interest expense
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Credit risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 (&ldquo;EDC&rdquo;) for its trade receivables to manage this risk and minimize
any exposure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the period ended September 30,
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30, 2022-$7,898) of which certain balances have been received subsequent to period-end (note 21)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt" ></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="border-bottom: Black 1pt solid; width: 100%"><p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0">Sangoma Technologies Corporation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the condensed consolidated interim financial statements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three months period ended September 30, 2022 and 2021</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Unaudited in thousands of US dollars, except per share data)</p></td></tr></table><p style="margin: 0pt" ></p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">4.</td><td>Financial instruments (continued)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Credit risk (continued)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s maximum exposure to credit risk for its
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: right">September 30,</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; border-bottom: Black 1pt solid">Expected credit loss provision</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,291</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">16,045</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The movement in the provision for expected
credit losses can be reconciled as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: right">September 30,</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="white-space: nowrap; text-align: right">June 30,</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">2022</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td colspan="2" style="white-space: nowrap; text-align: right; border-bottom: Black 1pt solid">2022</td><td style="border-bottom: Black 1pt solid">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Expected credit loss provision:</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 12%; font-weight: bold; text-align: right">(2,281</td><td style="white-space: nowrap; width: 1%; font-weight: bold; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; border-bottom: Black 1pt solid">Net change in expected credit loss provision during the period</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,291</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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&rsquo;s historical collections
and loss experience and incorporates forward-looking factors, where appropriate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Substantially all of the Company&rsquo;s
cash and cash equivalents are held with major Canadian or US financial institutions and thus the exposure to credit risk is considered
insignificant. Management actively monitors the Company&rsquo;s exposure to credit risk under its financial instruments, including with
respect to trade receivables.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">4.</td><td>Financial instruments (continued)</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>Liquidity risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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
this planning and budgeting process with its financing activities through its capital management process.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">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 September 30, 2022:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">$</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">$</td><td style="white-space: nowrap; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">$</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>


<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Foreign
currency risk</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A portion of the Company&rsquo;s transactions
occur in a foreign currency (Canadian dollars (CAD), Euros (EUR), and Great British Pounds (GBP), Hong Kong dollars (HKD), Indian Rupees
(INR), Philippine Peso (PHP), Australian Dollar (AUD)) and, 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, and
operating facility and loans. As at September 30, 2022, a 10% depreciation or appreciation of the CAD, EUR, GBP, HKD, INR, PHP, and AUD
currencies against the U.S. dollar would have resulted in an approximate $16 (June 30, 2022 - $59) increase or decrease, respectively,
in total comprehensive income (loss).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest
rate risk</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s exposure to interest
rate fluctuations is with its credit facility (Note 15) which bears interest at a floating rate. As at September 30, 2022, a change in
the interest rate of 1% per annum would have an impact of approximately $493 (September 30, 2021 - $597) per annum in finance costs. The
Company also entered an interest rate swap arrangement for its loan facility (Note 15) to manage the exposure to changes in LIBOR-rate
based interest rate. The fair value of the interest rate swaps was estimated based on the present value of projected future cash flows
using the LIBOR forward rate curve. The model used to value the interest rate swaps included inputs of readily observable market data,
a Level 2 input. As described in detail in Note 15, the fair value of the interest rate swaps was an asset of $2,357 on September 30,
2022 (June 30, 2022-$1,348).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<!-- Field: Page; Sequence: 11 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">5.</td><td style="text-align: justify">Capital management</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s objectives in managing
capital are to safeguard the Company&rsquo;s assets, to ensure sufficient liquidity to sustain the future development of the business
via advancement of its significant research and development efforts, to conservatively manage financial risk and to maximize investor,
creditor, and market confidence. The Company considers its capital structure to include its shareholders&rsquo; equity and operating facilities
and loans. Working capital is optimized via stringent cash flow policies surrounding disbursement, foreign currency exchange and investment
decision-making. There have been no changes in the Company&rsquo;s approach to capital management during the year and apart from the financial
covenants as discussed in Note 15, the Company is not subject to any other capital requirements imposed by external parties.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">6.</td><td>Inventories</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Inventories recognized in the condensed
consolidated interim statements of financial position are comprised of:&#9;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red">&#160;</p>

<!-- Field: Page; Sequence: 12 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red"><b></b></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">7.</td><td style="text-align: justify">Property and equipment</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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furniture and <br >
computer <br >
equipment</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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and <br >
books</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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and <br >
production <br >
equipment</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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equipment</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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improvements</td><td style="border-bottom: Black 1pt solid; font-weight: bold">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;$&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 34%; border-bottom: Black 1pt solid">Balance at July 1, 2021</td><td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
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    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 8%; border-bottom: Black 1pt solid; text-align: right">417</td><td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 8%; border-bottom: Black 1pt solid; text-align: right">6,255</td><td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 8%; border-bottom: Black 1pt solid; text-align: right">47</td><td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 8%; border-bottom: Black 1pt solid; text-align: right">348</td><td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="width: 8%; border-bottom: Black 1pt solid; text-align: right">10,396</td><td style="white-space: nowrap; width: 1%; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; border-bottom: Black 1pt solid">Additions through business combinations (Note 20)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">3,619</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">11</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">4,172</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">Additions</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">893</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">41</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">808</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">126</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">1,868</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid">Disposals</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(25</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(2</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(10</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(268</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">Balance at June 30, 2022</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,737</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">458</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,451</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">47</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">475</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">16,168</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid">Additions</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">200</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">507</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">707</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">Disposals</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(81</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(81</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Balance at September 30, 2022</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">458</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,877</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">47</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">475</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">16,794</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Accumulated depreciation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">Balance at July 1, 2021</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">314</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">872</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three month period ended September
30, 2022, depreciation expense of $263 (September 30, 2021 - $248) was recorded in general and administration expense in the condensed
consolidated interim statements of income (loss) and comprehensive income (loss). Depreciation expense in the amount of $1,043 was included
in cost of sales for the three month ended September 30, 2022 (September 30, 2021 - $194).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">8.</td><td style="text-align: justify">Leases: Right-of-use assets and lease obligations</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><font style="font-weight: normal">The Company&rsquo;s
lease obligations and right-of-use assets are presented below:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.45pt; color: Red"><b>&#160;</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.45pt; color: Red"><b></b></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.45pt; color: Red"><b>&#160;</b></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; color: Red">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in; color: Red" ></p>

<!-- Field: Page; Sequence: 14 -->
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red"><b></b></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; color: Red">&#160;</p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; color: Red" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Amortization expense is included in
general and administration expense in the consolidated interim statements of income (loss) and comprehensive income (loss). For the three
month period ended September 30, 2022, amortization expenses was $8,577 (September 30, 2021 - $7,655).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">10.</td><td>Development costs</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Balance at June 30, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1pt solid; padding-left: 10pt">Amortization</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: right">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="white-space: nowrap; font-weight: bold; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Each period, additions to development
costs are recognized net of investment tax credits accrued. In addition to the above amortization, the Company has recognized $9,007 of
engineering expenditures as an expense during the three month period ended September 30, 2022 (September 30, 2021 - $8,185).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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    <!-- Field: /Page -->

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<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">11.</td><td style="text-align: justify">Income tax</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Company income tax expense is determined as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>


<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">12.</td><td>Goodwill</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The carrying amount and movements of goodwill was as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="width: 85%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">$</td><td style="white-space: nowrap; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance at July 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">267,398</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Addition through business combinations (Note 20)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; border-bottom: Black 1pt solid">Goodwill Impairment</td><td style="border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(91,685</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="border-bottom: Black 1pt solid">Balance at June 30, 2022</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Balance at September 30, 2022</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold">&#160;</td>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three month period ended September
30, 2022, there is no addition to goodwill.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">13.</td><td style="text-align: justify">Provisions</td>
</tr></table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: -0.5in; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
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  <tr style="vertical-align: bottom">
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    <td style="white-space: nowrap; border-bottom: Black 1pt solid">&#160;</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; text-align: right">(48</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The provision for warranty obligations
represents the Company&rsquo;s best estimate of repair and/or replacement costs to correct product failures. The sales returns and allowances
provision represent the Company&rsquo;s best estimate of the value of the products sold in the current financial period that may be returned
in a future period. The stock rotation provision represents the Company&rsquo;s best estimate of the value of the products sold in the
current financial period that may be exchanged for alternative products in a future period. The Company accrues for product warranties,
stock rotation, and sales returns and allowances at the time the product is delivered.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in"><b>14.</b></td><td style="text-align: justify"><b>Consideration payable</b></td>
</tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As described in the annual consolidated
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31, 2021. The fair value of consideration payable as of September 30, 2022 in the amount of $4,494 (June 30, 2022 - $6,017) was determined
using an effective tax rate of 26.22% (June 30, 2022 &ndash; 26.22%) and a discount rate of 4.9% (June 30, 2022 &ndash; 4.9%). The fair
value of the consideration payable is dependent upon the Company&rsquo;s share price, foreign exchange rates and Company&rsquo;s ability
to utilize the underlying tax losses as they become available in each reporting period. During the period ended September 30, 2022, the
Company made payments of $nil (September 30, 2021-$nil), recognized accretion expense of $59 (September 30, 2021-$nil), and recognized
a gain on change in fair value of $1,581 (September 30, 2021 - $247).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As described in Note 20, additional
consideration of up to $12,000 could be payable as part of the acquisition of NetFortris Corporation. The fair value of consideration
payable as of September 30, 2022 in the amount of $6,867 (June 30, 2022-$6,751) was determined using a discount rate of 13.0% (June 30,
2022-13.0%). The fair value of the consideration payable is dependent upon the Company&rsquo;s ability to meet certain operating targets
as specified in the acquisition agreement. During the period ended September 30, 2022, the Company made payments of $nil (September 30,
2021- $nil), recognized accretion expense of $115 (September 30, 2021-$nil), and recognized a loss on change in fair value of $nil (September
30, 2021 - $nil).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The fair value of consideration payable
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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    <div style="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">&#160;</td><td style="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">15.</td><td style="text-align: justify">Operating facility and loan and derivative assets and liabilities</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in"><i>(a)</i></td><td style="text-align: justify"><i>Operating facility and loan</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(i)</td><td style="text-align: justify">The Company entered into a new loan facility with two banks and drew down the first tranche of $34,800
(CAD$45,699) on October 18, 2019. This new loan facility was used to pay down and close all existing loans and to fund part of the purchase
of VoIP Innovations LLC. This term facility is repayable over six years on a straight-line basis.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The interest rates charged are based
on Prime rate, US Base rate, London Inter-Bank Offered Rate (LIBOR) or Canadian Dollar Offered Rate (CDOR) plus the applicable margin.
Under the terms of these term facilities, the Company may convert the loans from variable to a fixed loan. The Company is required to
lock in the interest rate on one half of the term loan within three months of each draw down. On January 21, 2020, the Company converted
its US Base Rate loan to a one-month LIBOR loan plus the credit spread based on the syndicated loan agreement entered on October 18, 2019.
Separately, as required under the agreement, the Company locked in half of the original loan amount by entering a 5-year interest rate
credit swap with the two banks for $8,700 each. On March 28, 2022 the credit agreement was amended and the LIBOR rate was replaced with
the Secured Overnight Financing Rate (SOFR). The repayment schedule for the loan has not been impacted by these changes. The balance outstanding
against this term loan facility as of September 30, 2022 is $17,400 (June 30, 2022- $18,850). As at September 30, 2022, term loan facility
balance of $5,800 (June 30, 2022- $5,800) is classified as current and $11,600 (June 30, 2022 - $13,050) as long-term in the condensed
consolidated interim statements of financial position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">The Company also had revolving credit facilities which included a committed revolving credit facility
for up to CAD $8,000 and a committed swingline credit facility for up to CAD $2,000 both of which may be used for general business purposes.
On April 3, 2020, the Company drew down $1,300 (CAD $1,838) on the swingline credit facility available under the Credit Agreement. On
April 17, 2020, the Company drew down $5,300 (CAD $7,440) from the revolving credit facility. During August 2020, the Company paid back
in full the outstanding amounts on the swingline credit facility and the revolving credit facility. Both facilities remain fully available
to the Company.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(iii)</td><td style="text-align: justify">On March 31, 2021, the Company amended its term loan facility with its lenders and drew down an additional
$52,500 to fund part of the acquisition of StarBlue Inc. At the time of the draw down of the additional amounts, the following amendments
were made to the agreement:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">The provision for additional funding related to VoIP Innovations under the original agreement was no longer
necessary and has been cancelled.</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">The swingline facility was converted from CAD $2,000 to USD $1,500</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">The revolver facility was converted from CAD $8,000 to USD $6,000</td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 1in"></td><td style="width: 0.5in"><font style="font-family: Symbol">&middot;</font></td><td style="text-align: justify">The debt to equity ratio calculation now allows the Company to offset up to $10,000 of unrestrained funds
against the outstanding amount of the debt.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The interest rates charged continue
to be based on Prime rate, US Base rate, London Inter-Bank Offered Rate (LIBOR) or Canadian Dollar Offered Rate (CDOR) plus the applicable
margin until March 28, 2022 when the LIBOR rate was replaced with the Secured Overnight Financing Rate (SOFR). The incremental draw is
repayable, on a straight-line basis, through quarterly payments of $2,188 and is due to mature on October 18, 2024. As at September 30,
2022, $8,750 (June 30, 2022 - $8,750) of the incremental facility is classified as current and $30,625 (June 30, 2022 - $32,812) is classified
as long-term in the condensed consolidated interim statements of financial position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt" ></p><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%"><tr style="vertical-align: top; text-align: left"><td style="border-bottom: Black 1pt solid; width: 100%"><p style="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0">Sangoma Technologies Corporation</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the condensed consolidated interim financial statements</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the three months period ended September 30, 2022 and 2021</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(Unaudited in thousands of US dollars, except per share data)</p></td></tr></table><p style="margin: 0pt" ></p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">15.</td><td style="text-align: justify">Operating facility and loan and derivative assets and liabilities (continued)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in"><i>(a)</i></td><td style="text-align: justify"><i>Operating facility and loan (continued)</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(iv)</td><td style="text-align: justify">On March 28, 2022, the Company amended its term loan facility with its lenders and drew down an additional
$45,000 to fund part of the acquisition of NetFortris Corporation. At the time of the draw down of the additional amounts, the following
amendments were made to the agreement:</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The interest rates charged is based
on Prime Rate Loans, US Base Rate Loans, US Prime Rate Loans, Secured Overnight Financing Rate (SOFR) or Canadian Dollar Offered Rate
(CDOR) plus the applicable margin. The incremental draw is repayable, on a straight-line basis, through quarterly payments of $1,875 and
is due to mature on March 28, 2027. On June 28, 2022, the Company amended its term loan facility with its lenders, the amended repayment
for the first twelve quarterly payments of $788 and $2,963 thereafter. As at September 30, 2022, $3,150 (June 30, 2022-$3,150) of the
incremental facility is classified as current and $40,275 (June 30, 2022-$41,063) is classified as long-term in the condensed consolidated
interim statements of financial position.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three month ended September
30, 2022, the Company incurred interest costs to service the borrowing facilities in the amount of $1,275 (September 30, 2021 - $536).
During the three month ended September 30, 2022, the Company borrowed $nil (September 30, 2021 - $nil) in operating facility and loans
and repaid $4,425 (September 30, 2021 - $3,638).</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Under its credit agreements with its
lenders, the Company must satisfy certain financial covenants, principally in respect of total funded debt to earnings before interest,
taxes and amortization (&ldquo;EBITDA&rdquo;), and debt service coverage ratio. As at September 30, 2022 and June 30, 2022 the Company
was in compliance with all covenants related to its credit agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in"><i>(b)</i></td><td style="text-align: justify"><i>Derivative assets and liabilities</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company uses derivative financial
instruments to hedge its exposure to interest rate risks. All derivative financial instruments are recognized as either assets or liabilities
at fair value on the condensed consolidated interim statements of financial position. Upon entering into a hedging arrangement with an
intent to apply hedge accounting, the Company formally documents the hedge relationship and designates the instrument for financial reporting
purposes as a fair value hedge, a cash flow hedge, or a net investment hedge. When the Company determines that a derivative financial
instrument qualifies as a cash flow hedge and is effective, the changes in fair value of the instrument are recorded in accumulated other
comprehensive income (loss), net of tax in the condensed consolidated interim statements of financial position and will be reclassified
to earnings when the hedged item affects earnings.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On January 21, 2020, the Company converted
its US Base Rate loan to a one-month LIBOR loan plus the credit spread based on the syndicated loan agreement entered into on October
18, 2019. Separately, as required under the agreement, the Company locked in half of the original loan amount by entering into a 5-year
interest rate credit swap with the two banks for $8,700 each to manage its exposure to changes in LIBOR-based interest rates. The interest
rate swap hedges the variable cash flows associated with the borrowings under the loan facility, effectively providing a fixed rate of
interest for five years of the six-year loan term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The interest rate swap arrangement
with two banks became effective on January 31, 2020, with a maturity date of December 31, 2024. The notional amount of the swap agreement
at inception was $17,400 and decreases in line with the term of the loan facility. Effective March 31, 2022, Sangoma US Inc. entered into
a fixed rate swap transaction worth $43,750 over a five year period and terminating on February 28, 2027. As of September 30, 2022, the
notional amount of the interest rate swap was $48,453 (June 30, 2022 &ndash; $51,397). The interest rate swap has a weighted average fixed
rate of 1.80% (June 30, 2022 &ndash; 1.65%) and have been designated as an effective cash flow hedge and therefore qualifies for hedge
accounting.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">15.</td><td style="text-align: justify">Operating facility and loan and derivative assets and liabilities (continued)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.9pt; text-align: justify"><i>&#160;</i></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in"><i>(b)</i></td><td style="text-align: justify"><i>Derivative assets and liabilities</i></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.9pt; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As at September 30, 2022, the fair
value of the interest rate swap assets were valued at $2,357 (June 30, 2022-$1,348) and were recorded as derivative assets in the condensed
consolidated interim statements of financial position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three month period ended September
30, 2022, the change in fair value of the interest rate swaps, net of tax, was a gain of $437 (September 30, 2021 &ndash; $39) was recorded
in other comprehensive income (loss) in the condensed consolidated interim statements of income (loss) and comprehensive income (loss).
The fair value of interest rate swap is determined based on the market conditions and the terms of the interest rate swap agreement using
the discounted cash flow methodology. Any differences between the hedged SOFR rate and the fixed rate are recorded as interest expense
on the same period that the related interest is recorded for the loan facility based on the SOFR rate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">16.</td><td>Contract liabilities</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Contract liabilities, which includes
deferred revenues, represent the future performance obligations to customers in respect of services or customer activation fees for which
consideration has been received upfront and is recognized over the expected term of the customer relationship.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-size: 10pt">Contract
liabilities</font> as at September 30, 2022 and June 30, 2022 are below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: right">$</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 85%">Opening balance, July 1 , 2021</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Revenue deferred during the period</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Ending balance, June 30, 2022</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Revenue deferred during the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,163</td><td style="white-space: nowrap; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; border-bottom: Black 1pt solid">Deferred revenue recognized as revenue during the period</td><td style="border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; border-bottom: Black 1pt solid">Ending balance, September 30, 2022</td><td style="font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

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    <div style="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 33%">&#160;</td><td style="width: 34%; text-align: center">&#160;</td><td style="width: 33%; text-align: right"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page -->

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">17.</td><td>Shareholders&rsquo; equity</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
<table cellpadding="0" cellspacing="0" width="100%" style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(i)</td><td>Share capital</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s authorized share
capital consists of an unlimited number of common shares without par value. As at September 30, 2022 and 2021, the Company&rsquo;s issued
and outstanding common shares consist of the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: right; border-top: Black 1pt solid">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-top: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 31, 2021, the Company acquired
StarBlue Inc. and issued 3,018,685 common shares valued in the amount of $66,873 as part of the consideration, and 18,456 common shares
valued in the amount of $330 as part of the acquisition costs. Under the terms of the agreement, a further 12,695,600 common shares valued
in the amount of $192,102 are to be issued in instalments commencing on April 1, 2022. On August 3, 2022, 857,144 common shares were issued
to StarBlue sellers in accordance with the instalment schedule defined in the share purchase agreement. Following these issuances 10,981,314
common shares remain to be issued and the remaining $166,162 discounted value of the common shares is recorded as shares to be issued
in the condensed consolidated interim statements of changes in shareholders&rsquo; equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">During
the three month period ended September 30, 2022, a total of 8,797 (September 30, 2021 &ndash; nil) options were exercised for cash consideration
of $36 (September 30, 2021 - $nil), and the Company recorded a charge of $19 (September 30, 2021 &ndash; $nil) from contributed surplus
to share capital.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">Under
the term of the Normal Course Issuer Bid (&ldquo;NCIB&rdquo;), during the three month period ended September 30, 2022, the Company purchased
a total of 40,922 common shares (September 30, 2021 -nil) at an average price of $6.52 per share, for total consideration of $267. During
the quarter 10,700 of those common shares were settled and cancelled along with 5,500 common shares that were purchased in the fourth
fiscal quarter of 2022, and the company recorded a total reduction of $128 (September 30, 2021-nil) in share capital for the value of
share repurchased. The remaining 30,222 common shares of the 40,922 common shares purchased during the first fiscal quarter of 2023 were
settled and cancelled on October 5, 2022.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-style: normal">&#160;</font></p>

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<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">17.</td><td>Shareholders&rsquo; equity (continued)</td></tr></table>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt">&#160;</p>
<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Stock options</td>
</tr></table>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt">&#160;</p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">During
the year ended June 30, 2020, the shareholders of the Company amended the stock option plan (the &ldquo;plan&rdquo;) for officers, employees
and consultants of the Company. The number of common shares that may be set aside for issuance under the plan (and under all other management
stock option and employee stock option plans) is limited to 10% of the outstanding common shares of the corporation provided that the
Company complies with the provisions of policies, rules and regulations of applicable securities legislation. The maximum number of common
shares that may be reserved for issuance to any one person under the plan is 5% of the common shares outstanding at the time of grant
(calculated on a non-diluted basis) less the number of common shares reserved for issuance to such person under any stock option to purchase
common shares granted as a compensation or incentive mechanism. Any common shares subject to a stock option, which for any reason are
terminated, cancelled, exercised, expired, or surrendered will be available for a subsequent grant under the plan, subject to regulatory
requirements.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">The
stock option price of any common shares cannot be less than the closing price or the minimum price as determined by applicable regulatory
authorities of the relevant class or series of shares, on the day immediately preceding the day on which the stock option is granted.
</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">Stock
options granted under the plan may be exercised during a period not exceeding five years from the date of grant, subject to earlier termination
on the termination of the optionee&rsquo;s employment, on the optionee&rsquo;s ceasing to be an employee, officer or director of the Company
or any of its subsidiaries, as applicable, or on the optionee&rsquo;s retiring, becoming permanently disabled or dying, subject to certain
grace periods to allow the optionee or his or her personal representative time to exercise such stock options. The stock options are non-transferable.
The plan contains provisions for adjustment in the number of common shares issuable thereunder in the event of the subdivision, consolidation,
reclassification or change of the common shares, a merger, or other relevant changes in the Company&rsquo;s capitalization. The board
of directors may, from time to time, amend or revise the terms of the plan or may terminate the plan at any time.</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">The
following table shows the movement in the stock option plan:</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal">&#160;</font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal"></font></p>

<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal"></font></p>

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<p style="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.9pt"><font style="font-style: normal"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company uses the fair value method
to account for all share-based awards granted to employees, officers, and directors. The estimated fair value of most stock options granted
is determined using the Black-Scholes option pricing model and is recorded as a charge to the condensed consolidated interim statement
of income (loss) and comprehensive income (loss) over the vesting period of the stock options, with a corresponding increase to contributed
surplus. Stock options are granted at a price equal to or above the fair value of the common shares on the day immediately preceding the
date of the grant. The consideration received on the exercise of stock options is added to stated capital at the time of exercise.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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<td style="width: 0"></td><td style="width: 0.5in">17.</td><td>Shareholders&rsquo; equity (continued)</td></tr></table>

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<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: right"></td><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Stock options (continued)</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No options were granted in the three
month ended September 30, 2022 (September 2021-285,714). The key assumptions used to fair value the grants were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;September 30,&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2022</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2021</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The following table summarizes information
about the stock options outstanding and exercisable at the end of each period:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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    <td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">Exercise price</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;stock
options</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;outstanding
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                                                                                                                                                                                                                  <p style="margin-top: 0; margin-bottom: 0">&#160;remaining</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;contractual
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                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;stock
options</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&#160;outstanding
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    <td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 17%; font-size: 10pt; text-align: right">25,849</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 17%; font-size: 10pt; text-align: right">1.24</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: left">$5.01 - $8.00</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">1.24</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">66,906</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">2.24</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">89,965</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">56,617</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">-</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">-</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the three month period ended September
30, 2022, the Company recognized share-based compensation expense in the amount of $915 (September 30, 2021 - $2,119).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in">(iii)</td><td style="text-align: justify">Earnings (loss) per share</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Both the basic and diluted earnings
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in" ></p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">18.</td><td>Related parties</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company&rsquo;s related parties
include key management personnel and directors. Unless otherwise stated, none of the transactions incorporated special terms and conditions
and no guarantees were given or received. Outstanding balances payable are usually settled in cash and relate to director fees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company had incurred no related
party transactions and had no outstanding balance with related parties for the three month period ended September 30, 2022 and 2021.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">19.</td><td>Segment disclosures</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company operates in one operating
segment; development, manufacturing, distribution and support of voice and data connectivity components for software-based communication
applications. The majority of the Company&rsquo;s assets are located in Canada and the United States of America (&ldquo;USA&rdquo;). The
Company sells into three major geographic centers: USA, Canada and other foreign countries. The Company has determined that it has a single
reportable segment as the Company&rsquo;s decision makers review information on a consolidated basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Revenues for group of similar products
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Three month periods</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; color: Red" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The sales, in US dollars, in each of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The non-current assets, in US dollars,
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; font-weight: bold; text-align: right; border-bottom: Black 1pt solid">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: Red" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify" ></p>

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<td style="width: 0"></td><td style="width: 0.5in">20.</td><td>Business combinations</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On March 28, 2022, the Company acquired
all the shares of NetFortris Corporation. The Company paid an aggregate purchase price of $64,820, net of a net working capital adjustment
of ($8,942), and comprised of $50,418 cash consideration, 1,494,536 common shares at a fair value of $16,801. The Company issued 1,494,536
common shares including 327,241 shares representing a holdback for indemnification purposes on closing of the acquisition. The Company
estimates that a further payment of $6,543 will be paid as part of an earn out that is up to $12,000 if certain operating targets are
met. The Company incurred estimated transaction costs in the amount of $2,939 which were expensed and included in the condensed consolidated
interim statements of income (loss) and comprehensive income (loss) for the three month period ended March 31, 2022. The acquisition has
been accounted for using the acquisition method under IFRS 3, Business Combinations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
summarizes the fair value of consideration paid on the acquisition date and the preliminary allocation of the purchase price to the
assets and liabilities acquired.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; margin-left: 0.5in">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify" ></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify" ></p>

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<td style="width: 0; text-align: right"></td><td style="width: 0.5in">21.</td><td style="text-align: justify">Subsequent events</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On September 30, 2022 the parties to
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total of $2,052 from the escrow account, consisting of $350 in cash and the remainder in the form of 142,124 common shares. The cash portion
was received on October 6, 2022 and the transfer and cancellation of the common shares was completed on October 28, 2022. Additionally,
the parties agreed to amend the terms of the stock purchase agreement to decrease the maximum additional consideration payable from $12,000
to $11,500.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On November 8, 2022, a total of 981,314
shares were issued to StarBlue seller in accordance with the share purchase agreement. Following this issuance, 10,000,000 shares remain
to be issued over the next four years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Under the terms of the Normal Course
Issuer Bid (&ldquo;NCIB&rdquo;), from October 1, 2022 to October 31, 2022, the Company&rsquo;s agent purchased 13,600 common shares at
an average price of $5.11 per share for total consideration of $70, which were settled and cancelled on November 2, 2022. As of the date
hereof, the Company&rsquo;s agent purchased additional 13,800 common shares. These common shares have not yet been settled and cancelled.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.5pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0; text-align: right"></td><td style="width: 0.5in">22.</td><td style="text-align: justify">Authorization of the condensed consolidated interim financial statements</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The condensed consolidated interim financial
statements were authorized for issuance by the Board of Directors on November 10, 2022.</p>



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<p style="margin: 0">&#160;</p>

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<p style="text-align: right; margin: 0"><b>Exhibit 99.2</b></p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="margin: 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="text-align: center; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt">&#160;<img src="logo_mda.jpg" alt="" ></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0" ></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b><i>Management discussion and analysis
of financial </i></b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b><i>condition and results of operations
for the </i></b></font></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0"><font style="font-size: 12pt"><b><i>three months ended September 30, 2022</i></b></font></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt" ></p>

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<p style="font-size: 10pt; margin: 0pt 0"><b><u>TABLE OF CONTENTS</u></b></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-variant: small-caps"><i>&#160;</i></font></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>



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  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="width: 90%; text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">INTRODUCTION</td>
    <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt">3</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">OVERVIEW</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">4</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">RESULTS OF OPERATIONS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">13</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">QUARTERLY RESULTS OF OPERATIONS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">17</td></tr>
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    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">LIQUIDITY AND CAPITAL RESOURCES</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">18</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">CONTRACTUAL OBLIGATIONS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">19</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">USE OF PROCEEDS FROM EQUITY FINANCINGS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">OFF-BALANCE SHEET ARRANGEMENTS</td>
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  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">RELATED PARTY TRANSACTIONS</td>
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  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">CRITICAL ACCOUNTING POLICIES AND ESTIMATES</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">20</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">21</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">SIGNIFICANT EVENTS</td>
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  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">OUTSTANDING SHARE INFORMATION</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">21</td></tr>
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    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">GUIDANCE</td>
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    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">Controls and Procedures</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">23</td></tr>
  <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
    <td style="text-align: left; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in">GLOSSARY OF TERMS</td>
    <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt">24</td></tr>
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<p style="font-size: 10pt; margin: 0pt 0"><font style="font-variant: small-caps"><b>&#160;</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="font-variant: small-caps"><b>&#160;</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="font-variant: small-caps"><b>&#160;</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="font-variant: small-caps"><b>&#160;</b></font></p>

<p style="margin: 0pt 0; font-size: 10pt"><font style="font-variant: small-caps"><b></b></font></p>

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<p style="margin: 0pt 0; font-size: 10pt"><font style="font-variant: small-caps"><b>&#160;</b></font></p>

<p style="font-size: 10pt; margin: 0pt 0; text-indent: 57.35pt" ></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>INTRODUCTION</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As used in this Management Discussion and Analysis (&ldquo;MD&amp;A&rdquo;),
unless the context indicates or requires otherwise, all references to the &ldquo;Company&rdquo;, &ldquo;Sangoma&rdquo;, &ldquo;we&rdquo;,
&ldquo;us&rdquo;, or &ldquo;our&rdquo; refer to Sangoma Technologies Corporation, together with our subsidiaries, on a consolidated basis
as constituted on September 30, 2022. The MD&amp;A compares the financial results for the fiscal first quarter of 2023 with those of the
same period in the previous year. This MD&amp;A should be read in conjunction with Sangoma&rsquo;s audited annual consolidated financial
statements and related notes for the year ended June 30, 2022 (&ldquo;Financial Statements&rdquo;), which have been prepared in accordance
with International Financial Reporting Standards (&ldquo;IFRS&rdquo;). All amounts are in millions of United States dollars except where
otherwise indicated.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Additional information about us, including copies of our continuous disclosure
materials, is available on our website at www.sangoma.com, through the EDGAR website at www.sec.gov or through the SEDAR website at www.sedar.com.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">This MD&amp;A is dated as of November 10, 2022.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>NON-IFRS MEASURES </b></p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">This MD&amp;A contains references to certain non-IFRS financial measures
such as Adjusted Operating Income, Adjusted EBITDA and Adjusted Cash Flow. Non-IFRS financial measures are used by management to evaluate
the performance of the Company and do not have any meaning prescribed by IFRS and therefore may not be comparable to similar measures
presented by other reporting issuers. Non-IFRS financial measures used herein have been applied on a consistent basis. &ldquo;Adjusted
Operating Income (Loss)&rdquo; means IFRS income (loss) before interest expense (net), business integration costs, exchange listing expense,
change in fair value of consideration payable, business acquisition costs, goodwill impairment and income taxes. &ldquo;Adjusted EBITDA&rdquo;
means earnings before income taxes, interest expense (net), share-based compensation, depreciation (including for right-of-use assets),
amortization, business integration costs, exchange listing expense, business acquisition costs, goodwill impairment and change in fair
value of consideration payable. Adjusted EBITDA is a measure used by many investors to compare issuers. &ldquo;Adjusted Cash Flow&rdquo;
means net cash flows from operating activities as defined by IFRS less the capitalized development costs that Sangoma amortized during
the period, plus interest expense (net), business acquisition costs paid, business integration costs, and exchange listing expense. We
believe that Adjusted Operating Income (Loss), Adjusted EBITDA and Adjusted Cash Flow are useful supplemental information as they provide
an indication of the results generated by the Company's main business activities before taking into consideration how they are financed,
taxed, depreciated or amortized. Investors are cautioned that non-IFRS financial measures, such as those presented herein, should not
be construed as an alternative to net income or cash flow determined in accordance with IFRS. The reconciliation of the closest IFRS measure
to each non-IFRS measure is set out on pages 13, 17, and 18 herein.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b></b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>FORWARD-LOOKING STATEMENTS</b></p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">This MD&amp;A contains forward-looking statements, including statements
regarding the expected fiscal 2023 financial results and the future success of our business, development strategies and future opportunities.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Forward-looking statements are provided for the purpose of presenting information
about management&rsquo;s current expectations and plans relating to the future and readers are cautioned that such statements may not
be appropriate for other purposes. Forward-looking statements include, but are not limited to, statements relating to management&rsquo;s
guidance on revenue and Adjusted EBITDA, statements relating to expected inventory levels, statements relating to future lease and interest
payments, statements relating to the impact of the continuing COVID-19 pandemic, statements concerning estimates of expected expenditures,
statements relating to expected future production and cash flows, and other statements which are not historical facts. When used in this
document, the words such as &ldquo;could&rdquo;, &ldquo;plan&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;, &ldquo;intend&rdquo;,
&ldquo;may&rdquo;, &ldquo;potential&rdquo;, &ldquo;should&rdquo; and similar expressions indicate forward-looking statements.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Although Sangoma believes that its expectations reflected in these forward-looking
statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent
with these forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date that
the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results
to differ materially from those projected in forward-looking statements.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Readers are cautioned not to place undue reliance on forward-looking statements,
as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking
statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the
possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur.
Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance
that such expectations will prove to be correct as these expectations are inherently subject to business, economic and competitive uncertainties
and contingencies. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking
statements contained herein include, but are not limited to, risks and uncertainties associated with the integration of NetFortris Corporation
(&ldquo;NetFortris&rdquo;), the remediation of material weakness identified in our internal control over financial reporting, the impact
of the continuing COVID-19 pandemic, changes in exchange rate between the United States dollar and other currencies, expectations regarding
the amount of frequency of impairment losses, including as a result of the write-down of intangible assets, including changes in technology,
changes in the business climate, changes in the regulatory environment, the decline in the importance of the PSTN, new competitive pressures,
the impact of global supply chain delays, the retention of key staff, the increase in cost and availability of our components and materials,
and the impact of changes to interest rates and the other risk factors described in our most recently filed Annual Information Form for
the fiscal year ended June 30, 2022. See also &ldquo;Guidance&rdquo; and &ldquo;Controls and Procedures&rdquo; below for more information
on certain of these risks and uncertainties.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The forward-looking statements contained in this management&rsquo;s discussion
and analysis are expressly qualified by this cautionary statement. Sangoma undertakes no obligation to update forward-looking statements
if circumstances or management&rsquo;s estimates or opinions should change except as required by law.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>OVERVIEW</u></font></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b><i></i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s products and services are used by leading companies throughout
the world and in leading UC, PBX, IVR, contact center, carrier networks, and data communication applications worldwide. Sangoma&rsquo;s
portfolio of products also enable service providers, carriers, enterprises, SMBs, and OEMs alike to leverage their existing infrastructure
for maximum financial return, while still delivering the most advanced applications and services from the latest technologies available.
Please refer to the Glossary of Terms for detailed definitions of terms used throughout this MD&amp;A.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt" ></p>

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<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Communications as a Service (CaaS) Portfolio</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma is a trusted leader in delivering value-based Communications as
a Service solutions for businesses of all sizes. The value-based communications segment includes&#160;small businesses to large enterprises
who are looking for all the advantages of cloud-based communications at a fair price. Sangoma&rsquo;s current Communications as a Service
offerings are typically offered with monthly, yearly, or multi-year contracts and include:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Unified Communications as a Service (&ldquo;UCcaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Trunking as a Service (&ldquo;TaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Contact Center as a Service (&ldquo;CCaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Communications Platform as a Service (&ldquo;CPaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Video Meetings as a Service (&ldquo;MaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Collaboration as a Service (&ldquo;Collab aaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Desktop as a Service (&ldquo;DaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Access Control as a Service (&ldquo;ACaaS&rdquo;)</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Unified Communications as a Service (UCaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s UC solutions are business communication systems (PBX&rsquo;s
with advanced UC features, such as presence/chat, conferencing, mobility, fax, and more) that can be deployed on-premise or hosted in
the Cloud, allowing businesses to select the best option for their needs. Unified Communication systems, because of their mobility features
such as having the business phone number ring on an app on your smartphone and/or desktop and instant messaging capability, enable remote
work and work from home much more efficiently. Sangoma&rsquo;s Unified Communication solutions fully integrate with our phones, soft clients,
and network interoperability products to provide a fully interoperable solution from a single vendor.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Cloud-Based Business Phone Solution</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma offers its customers full-scale cloud-based Unified Communications
solutions. With Sangoma, businesses can get contact center, mobility, softphone, call control, and productivity features included for
every user at a reasonable price. Sangoma&rsquo;s hosted phone service delivers the customer experience businesses demand at an affordable
price point. Customers can also choose pre-provisioned phones that customers simply plug into their network.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>On-Premise Business Phone Solution</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma also offers the more traditional on-premise UC phone system, for
businesses still wanting to deploy their business phone system on premise. Whether deployed on a dedicated appliance or in the customer&rsquo;s
virtual environment, Sangoma provides the power and connectivity necessary.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">IP Deskphones, Headsets and UC Clients: Sangoma provides desktop and softphone
collaboration clients that integrate seamlessly with our UC solution offerings and deliver UC features (presence, contacts, chat, calling,
audio and video conferencing, etc.) from a single application, on any device, at any location.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">IP Deskphones: Sangoma offers a full line of phones that work with both
our cloud and on-premise systems that are perfect for every user type, from casual to call center to managers and executives. Sangoma&rsquo;s
product line includes entry-level, mid-range, and executive-level phones. All models include HD Voice and plug-and-play deployment. Sangoma&rsquo;s
range of IP phones are customized to seamlessly integrate with all of our UC Systems and provide zero touch installation, simplified system
management, and instant access to a wide range of features.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Headsets: Sangoma also offers headsets that either work in conjunction
with the desktop phones (by plugging into the phone) or work in conjunction to our desktop soft client (by plugging directly into the
computer). These headsets enable roaming of up to 325 feet from the phone or desk computer.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">UC Clients and Softphones: Unified Communication Clients (or softphones)
are used to make or receive phone calls with your business phone number and can be used as your main phone or as an extension of your
desk phone. They are available as an app on your smartphone or computer. These UC clients have enabled employees to work remote seamlessly
by enabling phone calls to customers and other employees as if they were in a physical office. Sangoma offers UC clients with all of our
Unified Communication / Business phone system product lines.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Trunking as a Service (TaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">SIP trunks deliver Internet-based telephony services to businesses using
their existing internet connection, eliminating the need for separate traditional PSTN or digital telecom connections. SIP trunking is
fast becoming the technology of choice to interconnect an IP PBX system to a telephone company. The main drivers are cost efficiencies
(over fixed lines such as ISDN or analog lines from incumbent telcos) and end-to-end UC features/transparency. Cost efficiencies are realized
because SIP trunking uses already-available broadband connections at customer premises. Sangoma offers both retail and wholesale SIP Trunking
which allows our customers to choose the service that best meets their needs. Either service offers DIDs and number porting.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Retail SIP Trunking</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Retail SIP trunking offers predictable monthly expenses with pricing based
per trunk. SIPStation, Sangoma&rsquo;s retail SIP trunking service, is seamlessly integrated into our various UC platforms, making it
easy to get up and running. It also includes an integrated fax service option, enabling a business to send and receive faxes from a web
interface or from a local fax machine. Typically, small to mid-sized businesses and enterprises would utilize this type of service.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Wholesale SIP Trunking</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s wholesale SIP trunking offer is now available following
the acquisition of VoIP Innovations. Pricing for wholesale SIP trunking is usage-based but with a larger monthly minimum commitment. This
includes origination, termination, SMS/MMS, e911, and fraud mitigation. Typically, very large businesses or service providers who resell
SIP trunks would utilize this type of service.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Fax as a Service</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Faxing remains an important communications tool, yet VoIP networks are
sometimes unable to send faxes reliably because fax standards are based on very specific timing that can be interrupted in VoIP systems,
especially where there is substantial latency. Sangoma&rsquo;s FoIP service, FaxStation, is a hosted service to remedy this problem, available
with our TaaS. It features a telecom appliance with up to four analog connections for fax machines and operates in concert with Sangoma&rsquo;s
fax server data center to encrypt and package the fax communication to make it fail-safe. This is particularly useful for small businesses
that rely on fax communications but also for industries with challenging network conditions, such as mining, oil rigs, and ship-to-shore
over satellite.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Contact Center as a Service (CCaaS)</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Contact Center as a Service (CCaaS) is our cloud-based contact center,
or customer experience, offering. It provides robust contact center capabilities running in various ways: either standalone, in conjunction
with our other cloud services (such as UCaaS), or integrated &ldquo;inside&rdquo; our UCaaS product in a simplified version. This latter
solution is intended for &lsquo;departmental&rsquo; type usage, by companies that are not pure-play contact centers, but that might have
a department such as customer service or technical support that operate inside that company almost like a mini contact center.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Communications Platform as a Service (CPaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Communications Platform as a Service (CPaaS) allows developers to easily
build services and applications using real-time communication features, such as voice, video, chat, and SMS, via the cloud. Our platform
enables Sangoma, our integrator/developer partners, and advanced customers to build new communications services based on voice, rest APIs,
WebRTC, and SMS. When running an application on a CPaaS platform, performance is critical. To ensure peak performance, Sangoma offers
its own SIP trunking service, providing optimized connectivity in addition to easy access to phone numbers. Sangoma also sells a series
of &lsquo;applications&rsquo; (or Apps) based upon our CPaaS product that customers can purchase.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Video Meetings as a Service (MaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma Meet is our video meetings, cloud-based service accessible from
any device, be it desktop or mobile. It enables file sharing on screen so collaboration with co-workers is enhanced, integrates seamlessly
with your calendar, and enables PSTN phone calls. Sangoma Meet is available in free and chargeable tiers.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Collaboration as a Service (Collab aaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Collaboration as a Service (Collab aaS) is Sangoma&rsquo;s cloud-based
offering for enabling people to work together more productively. This service is called TeamHub. It allows users to interact using any
of the various forms of communications, including chatting, calling, and video. TeamHub integrates Sangoma&rsquo;s softphone client software
applications (desktop and mobile) and is designed to allow communications to start in one mode (such as chat), and move through different
modes very elegantly, in effect &lsquo;upgrading&rsquo; that mode of communications to a voice call in real time, and/or upgrading that
voice call to a video meeting.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Desktop as a Service (DaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s Desktop as a Service helps companies adapt to today&rsquo;s
modern, flexible, and remote workforce. It is the most secure method for staff to access their tools and applications from any location
to do their work, delivers simplified IT administration and cuts down on the CapEx of deploying PCs. Sangoma is one of the only companies
that can offer communications capability inside a DaaS product.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>Access Control as a Service (ACaaS)</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">At Sangoma, this product offering is called SmartOffice Access. The SmartOffice
product line is to be a family of IoT based services, and it was launched first with Access Control. Access Control is a means of controlling
access to one&rsquo;s office or parts of an office and was traditionally done via the well-known white &lsquo;swipe cards&rsquo; or fobs.
Sangoma is innovating in that space by eliminating the need for such older technologies and extending our experience with mobile apps
that so many of our customers and their employees already get from us, as a Softphone. This new mobile allows one to open doors using
your smartphone and the app from Sangoma, wirelessly using IoT protocols. No more swipe cards, no more readers, no more wiring behind
the walls. This is one of Sangoma&rsquo;s first forays into cloud services that extend our CaaS suite beyond the strict definition of
&lsquo;communications&rsquo;.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>MSP Portfolio</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s cloud-based Managed Service Provider (&ldquo;MSP&rdquo;)
offerings deliver mission critical communication services that businesses need and complement our full line of Communications as a Service
solutions. The MSP product line is built upon a tightly integrated, enterprise grade, and end-to-end managed network, which is all supported
by an expert 24/7 network engineering team. The current MSP offering includes three primary services:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Managed Security: Sangoma provides a cloud-based service, sometimes called
Unified Threat Management (&ldquo;UTM&rdquo;), whereby the customers network, including voice and data traffic, are secured by intrusion
prevention and detection capabilities. The network security service helps protect customers against attacks and data losses from spam,
viruses, ransomware, botnets, etc.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Managed SD-WAN: Sangoma offers a cloud-based software-defined approach
to managing a customers wide area network. The SD-WAN service enables network redundancy through the ability to manage multiple internet
connections from multiple providers, which is seen as one seamless connection for the customer. If one connection fails, the customer
does not lose connectivity and has uninterrupted uptime. The service also provides traffic shaping whereby certain types of traffic can
be given priority or forced in priority.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Managed Access: Sangoma also provides a robust broadband connectivity solution,
including network monitoring, analytics, backup, and a fully PCI-compliant offering for payment card and credit card transactions. Additionally,
our Managed Access solution integrates with Managed Security and Managed SD-WAN services, delivering unique capabilities such as secure,
end-to-end peering connections to critical destinations (such as Public Cloud sites like AWS and Azure) and Quality of Service commitments.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Network Interconnection Products</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In addition to the CaaS and MSP offerings described above, Sangoma also
offers network interconnection products. These products connect different types of networks together, such as VoIP networks to PSTN networks,
or VoIP networks to mobile networks or different types of VoIP networks.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Session Border Controllers (SBCs)</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Anytime two VoIP networks interconnect, issues of security and interoperability
arise. SBCs can manage these issues, including provider-to-provider connections, provider-to-enterprise connections, and enterprise-to-enterprise
connections. Sangoma&rsquo;s SBCs are available as hardware appliances, as software-only solutions running on a virtual machine in hosted
environments, or as a hybrid of both. The hybrid solution is unique to Sangoma and provides all the flexibility expected from virtual
machine capability coupled with the scalability that is found in hardware-based solutions. Sangoma&rsquo;s SBCs have broad interoperability
certifications.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>VoIP Gateways</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">VoIP gateways are needed any time voice traffic moves from a VoIP network
to a traditional PSTN telephone network. As the traffic traverses these networks, there are issues that need to be resolved regarding
both the media (the sound of the caller&rsquo;s voice) and the signaling (the method used to control the media traveling over that connection).</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In a service provider or carrier network, much larger gateways perform
these same tasks. In addition, there are signaling protocols that are only used when carrier networks communicate with other carrier networks
that are not included in the enterprise product line.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">All Sangoma&rsquo;s gateways have broad interoperability certifications.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>PSTN Interface and Media Processing Boards</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s complete line of boards connect and interface to the PSTN.
Even though IP networks are growing and quickly becoming the standard, the PSTN still exists, and new communication solutions often need
to connect to the PSTN. These boards are primarily used by communications solution developers in PC/Server based telecommunications systems
that connect to the PSTN. They perform a very similar task to VoIP gateways, but are installed inside the server rather than being stand-alone
devices. By providing customers with the option of using a PSTN interface board or a VoIP gateway, Sangoma maximizes flexibility based
on installation requirements, particularly when space and power are at a premium. They may also be used in harsh conditions that require
ruggedized servers.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Open-Source Software Products</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Asterisk and FreePBX</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma is the primary developer and sponsor of the Asterisk project, the
world&rsquo;s most widely used open-source communications software, and the FreePBX project, the world&rsquo;s most widely used open-source
PBX software.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma also offers revenue-generating products and services, beyond the
open-source Asterisk or FreePBX software, to users of these open-source software projects. The types of products and services Sangoma
offers includes software add-ons to Asterisk or FreePBX, IP phones, SIP trunking, cloud-based fax, training, technical support, maintenance,
PSTN cards, VoIP gateways, session border controllers, and commercial/hardened versions of the PBX/UC software.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><font style="font-size: 12pt"><b><u>OVERALL PERFORMANCE</u></b></font><b><u> </u></b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Operational</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma Technologies is a trusted leader in delivering cloud-based CaaS
and MSP solutions for businesses of all sizes. Customers include&#160;companies from small/medium businesses (SMB&rsquo;s) right up to
large enterprises who are looking for all the advantages of cloud-based communications and managed network services at a fair price.&#160;In
addition to those cloud-based Services, Sangoma also has a broad suite of Products to complement its Services.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Enterprises, SMBs and carriers in over 150 countries rely on Sangoma&rsquo;s
technology as part of their mission-critical infrastructures. Through a worldwide network of distribution partners, Sangoma delivers high-quality
services and products, some of which carry the industry&rsquo;s first lifetime warranty.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma has always been operated and managed as a single economic entity.
There is one management team that directs the activities of all aspects of the Company and it is managed globally by our executive team.
As a result, we believe that we have one reporting segment, being the consolidated Company. Over time, this may change as the Company
grows and when this occurs, we will reflect the change in our reporting practice.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Revenue</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma primarily generates revenue from Services and Products. Our Services
revenue is generated primarily from customers entering recurring revenue agreements. Product revenues are comprised of the sale of products
and services that generate non-recurring revenue.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Innovation</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As a technology company, Sangoma is continuously working on a large number
of projects across its broad portfolio of existing products and services. While the Company has introduced several new additions to its
portfolio over the last few years, the majority of the Company&rsquo;s investment in Research and Development (&ldquo;R&amp;D&rdquo;)
is dedicated to sustaining, improving on and enhancing its broad portfolio of existing products and services. Sangoma believes that innovation
is essential to a technology company&rsquo;s future. The Company also believes that R&amp;D investment is necessary in order to address
the needs of the Company&rsquo;s wide-ranging group of customers (which include business of all sizes including service providers, enterprises,
small-medium sized businesses, and original equipment manufacturers) in over 150 countries, to keep pace with technology developments
in the cloud communications industry, to meaningfully compete in that industry, and to achieve and maintain market acceptance.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company focuses on creating and introducing products to the market
as soon as commercially practical and, thereafter, focuses on enhancements to further improve its products. Such product introductions
enable the Company to validate product acceptance to some degree, and to get products to market efficiently to start generating revenue.
Furthermore, the Company focuses on keeping its product development costs for new projects under control in a number of ways, including
by reusing its existing code base where applicable and by leveraging open-source software.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma continues to invest in R&amp;D to develop new products and to improve
existing offerings with spending on R&amp;D increasing each year.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Sales and marketing</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">R&amp;D is important, but without Sales and Marketing, customers can be
too unaware of the advancements that Sangoma has made in innovation. So, Sangoma continues to increase its investment in both Sales and
in Marketing, to promote awareness of the Company, to communicate the critical shift from single products to full solutions to cloud,
and to drive customer acquisition.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Sales</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma uses a dual sales path &lsquo;go to market&rsquo; approach: direct
sales to some of our largest customers and indirect distribution to most of our other clients.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<ul>

<li style="text-align: justify; margin: 0pt 0"><b>Direct Sales</b> is typically used for selling to &lsquo;service providers&rsquo;, OEMs
and large enterprise type businesses.</li>

</ul>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Service Providers is a broad category of customers that included
telcos, ISPs, ITSPs, wireless/mobile operators, MSPs, UCaaS operators, etc. These types of organizations are potential customers for Sangoma.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">OEM partners are companies that &lsquo;design in&rsquo; Sangoma
products as a component of their solutions. OEM customers tend to be committed participants in their given markets and have longer-term
focus. It is important to reach these potential customers in the early days of any project to secure &lsquo;design wins&rsquo; and to
have sales and marketing programs that will ensure close collaboration during product and sales development cycles.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">Enterprise customers are the classic &lsquo;larger&rsquo; companies
who buy products or services for their own use. This type of customer has similar &lsquo;use cases&rsquo; to a SMB type customer but is
large enough that some prefer to do business directly with Sangoma, the Company often wants a direct relationship with them as well, and
they are buying enough for Sangoma to cost effectively service them directly.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<ul>

<li style="text-align: justify; margin: 0pt 0"><b>Indirect Sales</b>: In most cases, Sangoma uses the indirect or channel model. We value
the &lsquo;multiplier effect&rsquo; of a channel model (i.e., one of our salespeople sells to dozens of partners who sell to hundreds/thousands
of customers), the more &lsquo;local nature&rsquo; of a channel partner who is often based quite near to their end customers, and the
more cost-effective structure of indirect distribution in a typical sales cycle. In such cases, Sangoma utilizes this indirect distribution
model to reach the full breadth of customers, often based upon a two-tier Channel model:</li>

</ul>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.75in">The &lsquo;upper tier&rsquo; of the indirect model is typically
made up of Distributors or Master Agents, who normally sell not to the end customer, but to the &lsquo;second tier&rsquo; of the channel.
Master Agents are now sometimes called Technology Service Brokers or Telecom Solution Distributors. This upper tier of the channel tends
to be larger organizations and cover broader geographic regions.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.75in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.75in">The &lsquo;second tier&rsquo; of the indirect model is normally
made up of Resellers and Agents. Distributors typically sell to resellers, and Master Agents typically sell to Agents. The Resellers and
Agents then sell to end users (with some performing other ancillary services such as installation and/or support). The second tier tend
to be smaller organizations (though not always) and are usually more &lsquo;local&rsquo; in nature.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 35.45pt">Sangoma has parts of its sales team that focus on Direct customers,
whereas the majority focuses on the Channel. In the Channel, partners require frequent attention to keep Sangoma &lsquo;on their mind&rsquo;
in a crowded product marketplace. Therefore, a portion of the Channel sales team services the distributors and master agents as the upper
tier of the channel, while a different part of the team focuses on the resellers/agents. Finally, Sangoma has professional sales teams
across all our key geographic regions as well.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&#160;</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i></i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i></i></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i>&#160;</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Marketing</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma also continues to increase its efforts in marketing. The Company
has assembled corporate marketing programs with two key objectives in mind:</p>

<ul>

<li style="text-align: justify; margin: 0pt 0">to promote the Sangoma brand and positioning, which included conveying the message about
the Company&rsquo;s full solutions and its Cloud-First approach.</li>

<li style="text-align: justify; margin: 0pt 0">leads generation as one of the front-end steps in customer acquisition.</li>

</ul>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma is now using various marketing techniques typical of technology
firms to accomplish those two objectives. This includes participation in tradeshows, speaking at selected industry events, attending specialized
seminars run by Sangoma&rsquo;s distribution channel and other partners, investing in electronic marketing strategies (e.g., web presence,
social media and blogging, online advertising, search engine campaigns, etc.), conducting lead generation campaigns via email/social media/etc.,
webinars, creating thought leadership pieces, PR, etc.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In addition to the overall corporate messaging, in support of the above
two objectives, Sangoma has developed a comprehensive set of channel promotion programs, aimed at the Company&rsquo;s indirect partners
described above, both distributors/master agents as well as resellers/agents. The Company seeks to attract new channel partners and to
grow the business with existing partners. Sangoma has implemented several incentive programs to reward its channel partners for performance
and behaviours that Sangoma believes will grow revenues.</p>

<p style="font-size: 10pt; margin: 0pt 0; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; color: red" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; color: red">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>RESULTS OF OPERATIONS</u></font></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">All amounts are in millions of United States dollars except where otherwise
indicated.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>SUMMARY</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The following table outlines our unaudited consolidated interim statements
of income (loss) and comprehensive income (loss) for the periods indicated:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-top: Black 1pt solid; font-size: 10pt; text-align: right">&#160;</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</td>
    <td colspan="15" style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Three month periods ended</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-size: 10pt; text-align: right; border-bottom: Black 1pt solid">&#160;</td><td style="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">&#160;</td>
    <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">September 30,</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;$&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>REVIEW OF OPERATIONS</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Revenue</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sales for the first quarter of fiscal 2023 ended September 30, 2022 were
$64.05 million, up 24% from the $51.50 million in the comparable first quarter of fiscal 2022.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The year-over-year increase in quarterly revenue primarily resulted from
the NetFortris acquisition and our existing Services business continuing to grow and compound. As a result, our Services revenue represented
75% of total revenue this quarter, up from 70% in the same quarter of the prior year, and consistent with our strategic objective.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">When compared sequentially, our revenue was down 3% from $66.3 million
in the fourth quarter of fiscal 2022. This decrease is due primarily to typical seasonality effects in the first quarter, the impact of
a strong US dollar exchange rate on some international order flow, and some modest softness in Product sales as customers become more
sensitive to Capex purchases given current economic headwinds.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Cost of revenue and gross profit</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&#160;</i></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i></i></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><i></i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&#160;</i></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The cost of sales for the quarter ended September 30, 2022 was $20.71 million
compared to $14.63 million last year, driven primarily by the addition of the NetFortris business and by the continuing supply chain pressures.
Sangoma&rsquo;s cost of sales has been impacted by global supply chain disruptions, for both electronic components and for shipping. In
some cases, Sangoma has needed to order further ahead, pay more for electronic components, and to ship product by air versus by sea (at
higher cost). Nevertheless, Sangoma was able to fill most customer orders in the first quarter, despite these supply chain pressures.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Gross profit for the quarter ended September 30, 2022 was $43.34 million,
up 18% from the $36.87 million realized in the quarter ended September 30, 2021. Gross margin for the first quarter of fiscal 2023 was
approximately 68% of revenue. This is down slightly from the same quarter last year partly because of the global supply chain pressures
referenced and partly due to the slightly lower average margin from the Managed Services products. This level of gross margin is consistent
with our expectations for fiscal year 2023.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Operational expense</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As permitted under IFRS, costs are allocated by function except for the
impact of foreign exchange, which can result in swings between time periods.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; color: Red" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Sales and marketing</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sales and marketing expense was $15.65 million for the first quarter of
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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Research and development</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">A portion of the Company&rsquo;s R&amp;D costs are capitalized each period
and amortized on a straight-line basis over three years (see the audited consolidated financial statements and related notes for the fiscal
year ended June 30, 2022, available at <font style="color: #1155CC">www.sedar.com</font> and <font style="color: #1155CC">www.sec.gov</font>).</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The engineering expenses incurred, and the development costs amortized
during the first quarter of fiscal 2023 were $9.43 million. This was higher than the $8.36 million incurred in the same quarter last year,
mostly as a result of the addition of the NetFortris development team, but lower as a percentage of revenue at approximately 15% compared
to approximately 16%. For the quarter ended September 30, 2022, the Company did not have any significant projects that have not yet generated
revenue, nor did it have any products or services that are not fully developed, and which are material to the Company.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>General and administration</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">General and administration expenses were $19.29 million for the quarter
ended September 30, 2022, compared to $17.27 million in the same period of fiscal 2022. The increased spending is driven primarily by
the addition of the NetFortris team and the non-cash expense of the additional amortization of the intangible assets acquired.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Foreign exchange </u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Foreign exchange loss for the quarter ended September 30, 2022 was $0.04
million, compared to a gain of $0.02 million in the same period of fiscal 2022.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Total expenses</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Total operating expense for the first quarter of fiscal 2023 was $44.41
million versus $37.73 million during the same period last year. The primary driver of the increase was the incremental expense associated
with the addition of the NetFortris business, partly offset by cost savings from the integration which began in the fourth quarter of
fiscal 2022 and carried through the first quarter of fiscal 2023. Overall, total operating expenses increased by 18% year-over-year this
quarter, whereas revenue was up by 24%, consistent with Sangoma&rsquo;s long term approach of growing expenses slightly more slowly than
growing revenue, demonstrating our operating leverage.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Adjusted Operating Income (Loss)</b></p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Adjusted Operating Loss for the quarter ended September 30, 2022 was $1.07
million, higher than the loss of $0.86 million loss in the same period last year, due to the above factors.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Interest</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net interest expense for the quarter ended September 30, 2022 was $1.58
million, higher than the $0.66 million in the same period last year, primarily due to the additional interest expense on the new debt
from the acquisition of NetFortris, the non-cash accretion expense associated with the consideration payable and from the increases in
prevailing interest rates.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>&#160;</i></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Business acquisition costs</b></p>

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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">There were no business acquisition costs incurred in the quarter ended
September 30, 2022 or in the same period last year.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Business integration costs</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">For the first quarter of fiscal year 2023, Sangoma recorded $0.05 million
of costs directly associated with the reduction of staff between the two companies following the NetFortris acquisition compared to $0.84
million of integration costs in the same period last year for the Star2Star acquisition. The Company anticipates additional costs in the
second quarter of fiscal year 2023 as it continues to finalize the integration.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Consideration payable</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As part of the agreement for the purchase of Star2Star, Sangoma processes
certain payroll transactions for Star2Star Holdings (&ldquo;Holdings&rdquo;) option holders each time an instalment of the remaining share
consideration is distributed. This gives rise to a tax deduction for Sangoma, the benefit of which is paid to Holdings when it is realized
by Sangoma. To account for this, the estimated amount is calculated each quarter and recorded as a deferred tax asset, with the associated
liability to Holdings recorded as consideration payable. The amount of the potential payment is tied to Sangoma&rsquo;s share price, the
US to Canadian dollar exchange rate and the current US tax rate. As this changes, the Company will update the potential payout. As of
September 30, 2022, the changes in these factors gave rise to a gain versus the amount established in the same period of fiscal 2022.
An offset equivalent to the gain was included in deferred tax expense. There is no cash exposure to Sangoma since the payment is only
due when the tax benefit is actually realized, and the two balances will largely offset each other over time.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Net income (loss)</b></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Net loss for the first quarter was $1.98 million ($0.060 loss per share
fully diluted), compared to a net loss of $2.30 million ($0.073 loss per share fully diluted) for the equivalent quarter ended September
30, 2022.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Adjusted EBITDA</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The derivation of Adjusted EBITDA and the reconciliation of net income
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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; color: Red"><b><u></u></b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; color: Red"><b><u></u></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">For the first quarter of fiscal 2023, Adjusted EBITDA at $10.74 million,
was up from $10.09 million of the same quarter last year, primarily resulting from the addition of NetFortris, the underlying growth in
our Services business, and the cost restructuring as part of the integration of NetFortris.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>QUARTERLY RESULTS OF OPERATIONS</u></font></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma&rsquo;s quarterly revenue has now exceeded the same period in the
prior year for each of the last 28 quarters. Selected financial information over the prior eight quarters is shown in the table below.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Sales and Net Income by Quarter</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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    <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">quarter</td></tr>
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18.32</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">35.88</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">36.87</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">38.35</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37.20</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44.47</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">43.34</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15.13</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">15.76</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37.78</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">37.73</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">39.19</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">40.14</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">45.71</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">44.41</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Adjusted operating income (loss)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2.80</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2.56</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.90</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.86</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.84</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2.94</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.24</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.07</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Net income (loss)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.77</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.78</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.29</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2.30</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2.48</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(6.76</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(99.25</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(1.98</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt">Net earnings (loss) per share</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.112</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.041</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.073</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.078</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.212</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(2.987</td><td style="font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">$</td><td style="font-size: 10pt; text-align: right">(0.060</td><td style="font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt; font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Fully diluted basis</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.110</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.112</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.041</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.073</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.078</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.212</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(2.987</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(0.060</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Adjusted EBITDA</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5.14</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5.35</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9.78</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.09</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.43</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.47</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">11.13</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.74</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&#160;</td></tr>
  </table>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Revenues over the comparative periods have been positively impacted by
the acquisitions of NetFortris in March 2022, the acquisition of Star2Star in March 2021, the organic growth within the existing Services
business, as well as an uptick in some quarters for the Product business. Revenue streams continue to exhibit some modest seasonal trends
with the first quarter often having been down slightly from the immediately preceding fourth quarter.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In line with revenue, cost of goods sold, gross profit, operating expenses,
and Adjusted EBITDA have all increased over the comparable periods. In addition, cost of goods has been impacted by the related global
supply chain pressures, for both electronic components and for shipping. In some cases, Sangoma has needed to order further ahead, pay
more for electronic components, and to ship product by air versus by sea at higher cost.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>LIQUIDITY AND CAPITAL RESOURCES</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As of September 30, 2022, Sangoma had current assets of $60.06 million
and current liabilities of $73.09 million, compared with $61.01 million and $78.41 million at June 30, 2022, respectively. The decrease
in assets is primarily a result of the repayment of debt and certain tax payments which were made in the first quarter, while the decrease
in liabilities is primarily a result of the repayment of debt.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The Company closed the first quarter with $8.29 million of cash compared
to $12.70 million at June 30, 2022. The Company used a portion of its cash to fund the NetFortris acquisition, to continue paying down
the debt associated with its most recent acquisition, and in the share buyback program under our normal course issuer bid (the &ldquo;NCIB&rdquo;).</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Trade receivables of $17.22 million on September 30, 2022, were higher
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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Inventories were $19.07 million on September 30, 2022, $1.64 million higher
than the $17.43 million at June 30, 2022, primarily reflecting the addition of NetFortris, as well as the inventory build undertaken to
offset potential supply chain delays described earlier. As indicated in our fiscal 2022 results, Sangoma expects this elevated inventory
level to continue for the next few quarters until the supply chain stabilizes.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Sangoma generated $3.20 million of Adjusted Cash Flow from operations during
the first fiscal quarter of 2023 ended September 30, 2022, compared to $5.04 million in the same quarter last year. The reconciliation
of net cash flows from operating activities to Adjusted Cash Flow for the first quarters of fiscal 2022 and 2023 are shown in the table
below.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">There are no existing or anticipated defaults or arrears on lease payments
or interest payments and Sangoma is in full compliance with all debt covenants. Management of the Company believes that the current working
capital and expected funds generated from operations will be sufficient to meet the operating and planned capital expenditures of the
Company for the foreseeable future.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>Credit Facility</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On October 18, 2019, the Company entered into a new credit agreement (the
&ldquo;Original Credit Agreement&rdquo;) in favour of its subsidiaries, Sangoma Technologies Inc. and Sangoma US Inc. (the &ldquo;Borrowers&rdquo;)
with <i>inter alia</i> The Toronto-Dominion Bank and The Bank of Montreal, as lenders (the &ldquo;Lenders&rdquo;). Under the terms of
the Original Credit Agreement, the Lenders provided the Borrowers with a term loan facility to refinance the Company&rsquo;s existing
credit facilities and to fund part of the purchase of VI Acquisition.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 8pt" ></p>

<p style="margin: 0pt 0 0pt 8pt; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0 0pt 8pt; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0 0pt 8pt; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On March 31, 2021, the Company entered into an amended and restated credit
agreement (the &ldquo;Amended and Restated Credit Agreement&rdquo;) which amended and restated the Original Credit Agreement to allow
the Company to fund part of the StarBlue Acquisition.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On March 28, 2022, the Company entered into the Second Amended and Restated
Credit Agreement (the &ldquo;Second Amended and Restated Credit Agreement&rdquo;) which amended and restated the Amended and Restated
Credit Agreement to allow the Company to fund part of the NetFortris Acquisition. The Second Amended and Restated Credit Agreement is
comprised of: (i) a $6,000,000 revolving credit facility, (ii) a $21,750,000 term credit facility, which was used to partially fund the
VI Acquisition (iii) a $45,937,500 term credit facility, which was used to partially fund the StarBlue Acquisition, (iv) a $45,000,000
term credit facility, which was used to partially fund the NetFortris Acquisition (the &ldquo;Term 3 Facility&rdquo;), and (v) a $1,500,000
swingline credit facility.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On June 28, 2022, the Company entered into the first amendment to the Second
Amended and Restated Credit Agreement to reflect certain administrative amendments and to amend the amount of the Term 3 Facility quarterly
principal installments.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Under its Second Amended and Restated Credit Agreement with its lenders,
the Company must satisfy certain financial covenants, principally in respect of total funded debt to earnings before interest, taxes and
amortization, and debt service coverage ratio. As at September 30, 2022, the Company was in compliance with all covenants related to its
Credit Agreement.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>CONTRACTUAL OBLIGATIONS</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The following table shows the movement in contractual liabilities from
July 1, 2022 to September 30, 2022:</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-top: Black 1pt solid; font-size: 10pt">&#160;</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">$</td><td style="border-top: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 87%; font-size: 10pt">Opening balance, July 1 , 2021</td><td style="width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td><td style="width: 10%; font-size: 10pt; text-align: right">15,754</td><td style="width: 1%; font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left">Revenue deferred during the period</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">40,272</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; text-align: left">Deferred revenue recognized as revenue during the period</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">(42,625</td><td style="font-size: 10pt; text-align: left">)</td></tr>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt"><b></b></p>

<!-- Field: Page; Sequence: 19 -->
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<p style="margin: 0pt 0; font-size: 10pt"><b>&#160;</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b></b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>Commitments</b></p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The table below outlines our contractual commitments as of September 30,
2022:</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">$</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">$</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt; font-weight: bold">&#160;</td>
    <td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold; text-align: right">-</td><td style="font-size: 10pt; font-weight: bold; text-align: left">&#160;</td><td style="font-size: 10pt; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">695</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">17,700</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Other non-current liabilities</td><td style="font-size: 10pt; border-bottom: Black 1pt solid">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>


<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; color: Red" ></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>USE OF PROCEEDS FROM EQUITY FINANCINGS</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As of the date of this MD&amp;A, there has not been, and the Company does
not anticipate, any changes to its previously made disclosure about the Company&rsquo;s intended use of proceeds from the Offerings.</p>

<p style="font-size: 10pt; margin: 0pt 0"><i>&#160;</i></p>

<table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 33%; font-size: 10pt"><font style="font-size: 10pt"><b>Offering</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 30%; font-size: 10pt"><font style="font-size: 10pt"><b>Previously Disclosed Proposed Use of Proceeds</b></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-top: Black 1pt solid; width: 2%">&#160;</td>
    <td style="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 33%; font-size: 10pt"><font style="font-size: 10pt"><b>Actual Use of Proceeds and Explanation of Variances</b></font></td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">
    <p style="font-size: 10pt; margin: 0pt 0">Prospectus Supplement dated July 24, 2020 to the Short Form Base Shelf Prospectus Dated June
    29, 2020</p>
    <p style="font-size: 10pt; margin: 0pt 0">&#160;</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt">The Company intends to use net proceeds of the Offering for future acquisitions, with any unused net proceeds to be used for working capital and other general corporate purposes, including to reduce debt. The Company will have discretion in the actual application of Net Proceeds.</td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&#160;</td>
    <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid">
    <p style="font-size: 10pt; margin: 0pt 0">Substantially all of the proceeds were used in the Company&rsquo;s acquisition of StarBlue Inc.
    and its wholly-owned operating</p>
    <p style="font-size: 10pt; margin: 0pt 0">subsidiary Star2Star Communications, LLC completed on March 31, 2021.</p>
    <p style="font-size: 10pt; margin: 0pt 0">&#160;</p></td></tr>
  </table>
<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>OFF-BALANCE SHEET ARRANGEMENTS</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">There are no off-balance sheet arrangements that have, or are reasonably
likely to have, a current or future effect on the results of operations or financial condition of Sangoma.</p>

<p style="font-size: 10pt; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>RELATED PARTY TRANSACTIONS</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Except as disclosed in the notes to the consolidated financial statements,
the Company is not party to any material transactions with related parties.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 5.65pt 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The preparation of our consolidated financial statements in conformity
with IFRS requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements
and accompanying notes. We review these estimates on an ongoing basis based on management&rsquo;s best knowledge of current events and
actions that we may undertake in the future. Actual results could differ from these estimates. All significant estimates and critical
judgments, estimates, and assumptions are described in Note 3 of the Company&rsquo;s Financial Statements.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS</u></font></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The fair values of the cash and cash equivalents, trade and other receivables<font style="font-size: 10pt">,
</font>derivative assets, contract assets, other current assets, accounts payable and accrued liabilities, consideration payable and derivative
liabilities approximate their carrying values due to the relatively short-term nature of these financial instruments or as these financial
instruments are fair valued at each reporting period. 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. Further details relating to our financial instruments,
the risks associated with the financial instruments and how we manage those risks, are described in Note 4 of the Company&rsquo;s Financial
Statements.</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>SIGNIFICANT EVENTS</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><i>Normal Course Issuer Bid</i></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the fourth quarter of fiscal 2022, the Company announced its intention
to make an NCIB with respect to its Shares. Pursuant to the NCIB, Sangoma may, during the 12-month period commencing June 23, 2022 and
ending no later than June 22, 2023, purchase up to 1,071,981 Shares, representing 5% of the total number of 21,439,632 Shares outstanding,
through the facilities of the TSX, the Nasdaq Global Select Market or alternative Canadian trading systems. Sangoma also entered into
an automatic share purchase plan with a designated broker to allow for the purchase of Shares under the NCIB at times when the Company
would ordinarily not be permitted to purchase Shares due to self-imposed blackout periods, insider trading rules or otherwise.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Under the term of the NCIB, during the three-month period ended September
30, 2022, the Company purchased a total of 40,922 common shares at an average price of $6.52 per share, for total consideration of $267,000.
During the quarter 10,700 of those common shares were settled and cancelled along with 5,500 common shares that were purchased in the
fourth fiscal quarter of 2022. The remaining 30,222 common shares were settled and cancelled on October 5, 2022. In addition, from October
1, 2022 to October 31, 2022, the Company&rsquo;s agent purchased 13,600 common shares at an average price of $5.11 per share for total
consideration of $70,000, which were settled and cancelled on November 2, 2022. As of the date hereof, the Company&rsquo;s agent purchased
an additional 13,800 common shares. These common shares have not yet been settled and cancelled.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>OUTSTANDING SHARE INFORMATION</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">We are currently authorized to issue an unlimited number of common shares.
As of the date hereof, 22,103,407 common shares and 1,150,929 stock options are issued and outstanding.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On November 8, 2022, a total of 981,314 shares were issued to the StarBlue
sellers in accordance with the share purchase agreement. Following this issuance, 10,000,000 shares remain to be issued over the next
three years.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>GUIDANCE</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">On September 26, 2022, the Company provided guidance for fiscal 2023. The
Company is maintaining its guidance of revenue between $275 - $285 million and Adjusted EBITDA of $48 - $52 million.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The above outlook constitutes forward-looking information and is based
on the Company&rsquo;s assessment of many material assumptions, including:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">The Company&rsquo;s ability to manage current supply chain constraints, including our ability to secure
electronic components and parts, manufacturers being able to deliver ongoing quantities of finished products on schedule, no further material
increases in cost for electronic components, and no significant delay or material increases in cost for shipping</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">The revenue trends the Company experienced in fiscal year 2022 and the trends we expect going forward
in fiscal 2023 and not negatively impacted by growing economic headwinds globally</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="color: #010101">&bull;</font></td><td style="text-align: justify">The continuing recovery of the global economy from the impact of COVID-19, including decreased government
restrictions and increased customer demand, all of which would not be materially negatively affected by more recent macro factors such
as inflation, interest rates, or recessions</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="color: #010101">&bull;</font></td><td style="text-align: justify">The successful integration of NetFortris, the achievement of post-closing synergies, and the ability to
cross-sell NetFortris and Sangoma&rsquo;s products and services to the other&rsquo;s customer base</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="color: #010101">&bull;</font></td><td style="text-align: justify">The NetFortris business continuing to operate and generate results in a manner consistent with its business
preceding its acquisition by the Company and as anticipated by us</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">There being continuing growth in the global UCaaS and cloud communications markets more generally</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">There being continuing demand and subscriber growth for our Services and continuing demand as anticipated
for our Products</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">Changes in global exchange rates do not disrupt demand for the Company&rsquo;s Products and Services</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">The ability of the Company&rsquo;s customers to continue their business operations without any material
impact on their requirements for the Company&rsquo;s Products <font style="color: #010101">and Services</font></td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in"><font style="color: #010101">&bull;</font></td><td style="text-align: justify">The Company&rsquo;s f<font style="color: #010101">orecasted revenue from its internal sales teams and
via channel partners will meet expectations, which is based on certain management assumptions, including </font>continuing demand for
the Company&rsquo;s products and services, no material delays in receipt of products from its contract manufacturers, no further material
increase to the Company&rsquo;s manufacturing, labour or shipping costs</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">There are no additional revenue reclassifications</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">The Company is able to remediate the material weaknesses identified in its internal control over financial
reporting</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; color: #010101"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">That the Company is able to attract and keep the employees needed to maintain the current momentum</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">The continued ability for the Company&rsquo;s operational employees to work at the Company&rsquo;s internal
and outsourced facilities</td></tr></table>

<table cellpadding="0" cellspacing="0" width="100%" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&bull;</td><td style="text-align: justify">Other employees being able to work from home as required without any material impact on productivity</td></tr></table>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>Controls and Procedures</u></font></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Management of the Company, under the supervision of the Chief Executive
Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting
(&ldquo;ICFR&rdquo;) (as defined under applicable Canadian securities laws and by the United States Securities and Exchange Commission
(&ldquo;SEC&rdquo;) in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) for the company
to ensure that (i) material information relating to the Company is made known to management by others, particularly during the period
in which the annual and interim filings are being prepared; and (ii) information required to be disclosed by the Company in its annual
and interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within
the time period specified in securities legislation.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Management, under the supervision and with the participation of our Chief
Executive Officer and Chief Financial Officer and oversight of the Board of Directors evaluated the effectiveness of our ICFR as of September
30, 2022 against the criteria set forth in Internal Control &ndash; Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based upon the evaluation, management has concluded that, because of the material weakness described
in our management discussion &amp; analysis for the year ended June 30, 2022 (the &ldquo;Fiscal 2022 Annual MD&amp;A&rdquo;), as of such
date, the Company&rsquo;s disclosure controls and procedures were not effective.</p>

<p style="font-size: 10pt; margin: 0pt 0"><i>&#160;</i></p>

<p style="font-size: 10pt; margin: 0pt 0"><i>Remediation of Material Weakness in ICFR</i></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">As previously described in our Fiscal 2022 Annual MD&amp;A, management,
has initiated remediation efforts to address the material weakness identified in its Fiscal 2022 Annual MD&amp;A, as well as to foster
improvement in the Company&rsquo;s internal control and enhance the overall financial control environment.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">While we believe that the efforts taken to date and those planned for remediation
will improve the effectiveness of our internal control over financial reporting, the material weakness will not be considered remediated
until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls
are operating effectively.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b></b></p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><b>&#160;</b></p>

<p style="font-size: 10pt; font-weight: bold; margin: 0pt 0"><font style="font-size: 12pt"><u>GLOSSARY OF TERMS</u></font></p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Analog</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Analog telephony is the telephone system that dates back to the original
experiments by Alexander Graham Bell. The voice signal is picked up by a microphone and transmitted to the central office. Voice signals
from the central office consist of voltages that drive a headset to produce sound. Analog means that the voice pressure signals are represented
by voltages levels on the line.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>API</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Application Program Interface: An API is a purpose-built interface that
allows fourth party software to interact with a particular application. A typical API is the user interface for Windows that allows programmers
to write programs for Windows that use all its built-in utilities. APIs do not depend on revealing source code, in general. They are usually
well documented and include sample programs that make development easy.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Codec</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the telephony context a codec is a mechanism of digitally encoding voice.
On the PSTN a voice channel takes up 64kbps in a codec standard called G.711. Cell phones use a codec called GSM that compresses the voice
further so that a GSM call consumes about 24kbps. Other compressed codecs are used in VoIP to conserve bandwidth. These include standards
such as G.729, G.723. Most audio codecs are lossy, in that some of the voice quality is degraded by the compression. On the other hand,
as bandwidth becomes cheaper, VoIP allows one to use other codecs that in fact use more bandwidth than the PSTN, the so-called broadband
codecs that have DVD-like voice quality.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Digital telephony</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the modern PSTN only the &ldquo;last mile&rdquo; line to the customer
is still analog, all other internal parts of the network are digital. Digital in this case means that at the central office the analog
signal from the subscriber&rsquo;s telephone is sampled digitally, converting the line voltages to a series of numbers that can be easily
transmitted error free over long distances. See T1, E1 below.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><u>DID</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Direct Inward Dialing (&ldquo;DID&rdquo;) is a virtual phone number that
uses the existing phone lines to route incoming calls. Callers can connect to a phone extension directly without an operator. This offers
convenience for both employees and callers alike. DID offers a cost saving on its own and is less expensive when purchased with a SIP
trunk.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Gateway</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">In the telephony context this is typically a separate unit with its own
case and power supply that provides VoIP-to-PSTN services for a VoIP network. Almost all gateway devices use SIP interfaces to the VoIP
system over Ethernet and have analog or digital telephony interfaces that connect to the PSTN. VoIP gateways are available from many manufacturers
including Audiocodes, Cisco, Grandstream, Patton Electronics and many others.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>ISDN</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Integrated Services Digital Network (&ldquo;ISDN&rdquo;) is a set of communications
standards for simultaneous digital transmission of voice, video, data, and other network services over the traditional circuits of the
public switched telephone network. Of the many variations of ISDN, Sangoma supports BRI (Basic Rate Interface) which is essentially an
all-digital replacement for ordinary analog lines and PRI (Primary Rate Interface) which is used over T1 and E1 lines. BRI is very popular
outside of North America. PRI is used worldwide.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0"><u>IoT</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Internet of Things&#160;(&ldquo;IoT&rdquo;) refers to a system of interrelated,
internet-connected objects that are able to collect and transfer data over a wireless network without human intervention.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>IP</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">The Internet Protocol (&ldquo;IP&rdquo;) is the primary protocol in the
internet layer of the Internet protocol suite, and delivers data packets from the source host to the destination host solely based on
the IP address.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>ISP</u></p>

<p style="font-size: 10pt; margin: 0pt 0">Internet Service Provider</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>ITSP</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Internet Telephony Service Provider who offer telecommunications service
including voice over internet type connections.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

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<p style="font-size: 10pt; margin: 0pt 0"><u>IVR</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Interactive Voice Response: IVR systems use the phone to navigate a menu,
for example those used by banks to allow access to customer&rsquo;s account information. IVR systems have typically been driven by dial
tones as the buttons on your phone are pressed, but increasingly they are using voice recognition for navigation.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Open Source</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Open Source software is distributed free subject to certain conditions.
Open Source licenses usually stipulate that source code must always be distributed or made available, and any improvements in the code
have to be donated back to the community. It is possible to have dual licensing: Open Source to the community and also a closed, commercial
license of the same or similar software.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>NetBorder</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">This is the trade name of a Sangoma SIP to PSTN gateway product. It includes
several other functions in addition to the PSTN gateway function. The mass marketed version is known as NetBorder Express or NBE.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>PBX</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Private branch exchange. A PBX is a premised basis device to deliver calls
from the PSTN or VOIP network to phones in a single or multiple locations.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>PSTN</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Public Switched Telephone Network: This is the standard telephone network
that has been in operation for many decades. A telephone or FAX or PBX or other telephony device is generally connected to an analog line
at a wall plug, which is connected by &ldquo;last mile&rdquo; cabling to the central office. The analog signal from the device is converted
to a digital signal at the Telco central office and is multiplexed, 24 simultaneous voice channels per line (in North America) onto a
T1 for onward transmission. At the other end of the line the digital channel is reconverted to analog for transmission over the &ldquo;last
mile&rdquo; to the receiving phone or other device.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>SBC</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">A Session Border Controller (&ldquo;SBC&rdquo;) is a device deployed in
Voice over Internet Protocol (&ldquo;VoIP&rdquo;) networks to exert control over the signaling and usually also the media streams involved
in setting up, conducting, and tearing down telephone calls or other interactive media communications. SBCs are deployed as demarcation
points between enterprises and service providers and between service provider networks.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>SD-WAN</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">A Software-defined Wide Area Network (&ldquo;SD-WAN&rdquo;) uses software
to control and manage connectivity across a customers wide area network. While traditional wide area networks rely on physical routers
to connect remote users, this centralized software solution can help customers monitor their performance of the network and manage traffic.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>Signalling</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Call setup and tear down is remarkably complicated, involving such things
as responding to the different tones as well as generating them, caller identification and handling the different features like hook-flash
and voicemail properly. There are different signalling mechanisms for different types of circuits. Analog circuits use tones such as out-of-order,
busy, ringing as well as the dialling tones. T1 lines often use a data protocol called ISDN PRI, where packets of control data are exchanged
on a separate data channel. ISDN PRI is a simplification of the general signalling protocol used internally by the telecommunications
networks known as SS7. In all cases signalling has to be exactly compatible with what the Telco expects, so interoperability and standards
are important.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>SIP</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Session Initiation Protocol: SIP is the emerging standard signalling protocol
for VoIP, though it has much broader applications. SIP is responsible for setting up and teardown of two party and multiparty calls, as
well as a host of management features. To a great and increasing extent, VoIP calls are SIP based. The term SIP Trunk is used to describe
the provision of a SIP line to an end customer.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>T1, E1</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">A T1 line is a circuit that carries 24 digital telephone calls simultaneously.
At higher densities, 28 T1s are aggregated into a T3 line carrying 672 calls. Larger offices can also connect to the central office via
T1 directly, so as to have only one circuit for up to 24 calls. T1 is standard in North America and Japan while E1 is the standard in
the rest of the world. E1 carries 30 channels of digitized voice per line.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0"><u>TDM</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Time Division Multiplexing (&ldquo;TDM&rdquo;) is used in circuit switched
networks to increase the number of calls carried simultaneously on any one circuit and formed the basis for the digital telephony networks.</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt" ></p>

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<p style="font-size: 10pt; margin: 0pt 0"><u>Unified Communications</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Unified communications is a concept in which voice, email, messaging, video
and any other type of communication are all considered forms of data that can be combined, manipulated and used in intelligent applications
in a seamless way.</p>

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<p style="font-size: 10pt; margin: 0pt 0" ></p>

<p style="font-size: 10pt; margin: 0pt 0"><u>VoIP</u></p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0">Voice over IP: The transfer of voice traffic over the Internet Protocol.
IP is used universally for all networking including local area networks and private networks, not just the Internet. VoIP is not necessarily
voice over the Internet, but voice over general data networks.</p>

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<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252" ><meta name="GENERATOR" content="MSHTML 8.00.7601.18094" ></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.3</strong></p><p style="text-align: center;"><font style="font-size: 14pt;"><strong>Sangoma Announces First Quarter Fiscal 2023 Results</strong></font></p><p style="text-align: center;"><strong>Sales grow 24% year-over-year and Services Revenue Exceeds 75% of Total Sales for the First Time</strong></p><p>
   <p align="justify">MARKHAM, Ontario, Nov.  10, 2022  (GLOBE NEWSWIRE) -- Sangoma Technologies Corporation (TSX: STC; Nasdaq: SANG) (&#8220;Sangoma&#8221; or the &#8220;Company&#8221;), a trusted leader in delivering cloud-based Communications as a Service solutions for companies of all sizes, today announced its first quarter financial results and unaudited consolidated financial statements for the fiscal quarter ended September 30, 2022.<br ></p>    <p align="justify">Revenue for the first quarter of fiscal 2023 was $64.05 million, an increase from the prior year of 24%.</p>  <table align="center" style="width:100%; border-collapse:collapse !important;;border-collapse: collapse; "><tr><td style="max-width:35%; width:35%; min-width:35%;;vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-top: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; "><strong>US $m</strong></td><td colspan="2" style="max-width:13%; width:13%; min-width:13%;;border-top: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Q1 FY2023</strong></td><td colspan="2" style="max-width:13%; width:13%; min-width:13%;;border-top: solid black 1pt ; border-left: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Q1 FY2022</strong></td><td style="max-width:13%; width:13%; min-width:13%;;border-top: solid black 1pt ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Change</strong></td><td colspan="2" style="max-width:13%; width:13%; min-width:13%;;border-top: solid black 1pt ; border-left: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong>Q4 FY2022</strong></td><td style="max-width:13%; width:13%; min-width:13%;;border-top: solid black 1pt ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; "><strong> Change</strong></td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; vertical-align: middle ; ">Sales</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$64.05</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$51.50</td><td style="padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">24%</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$66.29</td><td style="padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">(3%)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; vertical-align: middle ; ">Gross profit</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$43.34</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$36.87</td><td style="padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">18%</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$44.47</td><td style="padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">(3%)</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-left: solid black 1pt ; vertical-align: middle ; ">Operating expense</td><td colspan="2" style="padding-left: 0 ; padding-right: 0 ; border-right: solid black 1pt ; 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padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">($2.987)</td><td style="border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">&#160;</td></tr><tr><td style="vertical-align: middle;   text-align: left;   padding-left: 10.0px; border-bottom: solid black 1pt ; border-left: solid black 1pt ; vertical-align: middle ; ">Adjusted EBITDA<sup>1</sup></td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$10.74</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$10.09</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">6%</td><td colspan="2" style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">$11.13</td><td style="border-bottom: solid black 1pt ; padding-right: 0 ; border-right: solid black 1pt ; text-align: center ;  vertical-align: middle; vertical-align: middle ; ">(4%)</td></tr></table>  <p align="justify">&#8220;I&#8217;m pleased with another solid quarter on both the top and bottom line, especially given the seasonality of our first quarter, which covers the historically slower summer months,&#8221; said Bill Wignall, President and CEO. &#8220;It is very encouraging to see our Services revenue hit 75% of total sales for the first time, up from 71% in our fiscal year 2022 and 62% in fiscal 2021. This once again demonstrates our successful transition to recurring SaaS revenue streams, and is consistent with our expectation for this fiscal year. While we are focused on executing our plan and the team is confident we will see a successful fiscal 2023, we also remain very aware of the economic headwinds across the globe these days. Sangoma has a resilient business and given the inherent flexibility in our business model, we will be vigilant in protecting our profitability.&#8221;</p>    <p align="justify">Revenue for the fiscal first quarter was $64.05 million, up from $51.50 million in the first quarter last year by 24%, and down by approximately 3% from the immediately preceding fourth quarter of fiscal 2022, due to typical seasonality effects, the impact of a strong US dollar exchange rate on some international order flow, and some modest softness in Product sales as customers become more sensitive to Capex purchases given current economic headwinds. Services revenue exceeded 75% of total sales for the first time this quarter.</p>    <p align="justify">Gross profit for the quarter was $43.34 million, up from $36.87 million in the same period last year by about 18%. Gross margin at 68% of revenue for the quarter was slightly above the gross margin in the fourth quarter of fiscal 2022, and around the level the Company anticipates for fiscal 2023.</p>    <p align="justify">Operating expenses were $44.41 million for the quarter compared $37.73 million in the first quarter of fiscal year 2022. The year over year increases reflect the addition of the NetFortris team, the associated spending, and the non-cash intangible asset amortization arising from the acquisition. Our operating expenses have decreased by $1.30 million sequentially versus the most recent fourth quarter, reflecting the cost savings and integration synergies we have previously identified.</p>    <p align="justify">Adjusted EBITDA<sup>1</sup> was $10.74 million in the first fiscal quarter of 2023, compared to $10.09 million for the same period of the prior year, and was approximately 17% of sales, the same ratio as existed in the most recently completed quarter</p>    <p align="justify">Net loss for the first quarter was $1.98 million as compared to $2.30 million for the first quarter of fiscal 2022.</p>    <p align="justify">Sangoma continues to maintain a healthy balance sheet, finishing the quarter with a cash balance of $8.29 million on September 30, 2022, generates positive Adjusted Cash Flow<sup>1</sup>, and remains comfortably within its debt covenants.</p>    <p align="justify"><strong>Outlook for fiscal year 2023<br ></strong>The Company is maintaining its outlook for the fiscal 2023 year. We expect to generate revenue of between $275 and $285 million, and Adjusted EBITDA to be in a range of $48 to $52 million.</p>    <p>The above outlook and guidance constitute forward-looking information and are based on the Company&#8217;s assessment of many material assumptions, including:</p>    <ul type="disc"><li style="text-align:justify;">The Company&#8217;s ability to manage current supply chain constraints, including our ability to secure electronic components and parts, manufacturers being able to deliver ongoing quantities of finished products on schedule, no further material increases in cost for electronic components, and no significant delay or material increases in cost for shipping</li><li style="text-align:justify;">The revenue trends the Company experienced in fiscal year 2022 and the trends we expect going forward in fiscal 2023, are not negatively impacted by growing economic headwinds globally</li><li style="text-align:justify;">The continuing recovery of the global economy from the impact of COVID-19, including decreased government restrictions and increased customer demand, all of which would not be materially negatively affected by more recent macro factors such as inflation, interest rates, or recessions</li><li style="text-align:justify;">The successful integration of NetFortris, the achievement of post-closing synergies, and the ability to cross-sell NetFortris and Sangoma&#8217;s products and services to the other&#8217;s customer base</li><li style="text-align:justify;">The NetFortris business continuing to operate and generate results in a manner consistent with its business preceding its acquisition by the Company and as anticipated by us</li><li style="text-align:justify;">There being continuing growth in the global UCaaS and cloud communications markets more generally</li><li style="text-align:justify;">There being continuing demand and subscriber growth for our Services and continuing demand as anticipated for our Products</li><li style="text-align:justify;">Changes in global exchange rates do not disrupt demand for the Company&#8217;s Products and Services</li><li style="text-align:justify;">The ability of the Company&#8217;s customers to continue their business operations without any material impact on their requirements for the Company&#8217;s Products and Services</li><li style="text-align:justify;">The Company&#8217;s forecasted revenue from its internal sales teams and via channel partners will meet expectations, which is based on certain management assumptions, including continuing demand for the Company&#8217;s products and services, no material delays in receipt of products from its contract manufacturers, no further material increase to the Company&#8217;s manufacturing, labour or shipping costs</li><li style="text-align:justify;">There are no additional revenue reclassifications</li><li style="text-align:justify;">The Company is able to remediate the material weaknesses identified in its internal control over financial reporting</li><li style="text-align:justify;">That the Company is able to attract and keep the employees needed to maintain the current momentum</li><li style="text-align:justify;">The continued ability for the Company&#8217;s operational employees to work at the Company&#8217;s internal and outsourced facilities</li><li style="text-align:justify;">Other employees being able to work from home as required without any material impact on productivity<br ></li></ul>    <p align="justify"><strong>Conference call<br ></strong>Sangoma will host a conference call on Friday, November 11, 2022, at 8:00 am EST to discuss these results. The dial-in number for the call is 1-800-319-4610 (International 1-604-638-5340). Participants are requested to dial in 5 before the scheduled start time and ask to join the Sangoma call.</p>    <p align="justify"><sup>1 </sup>Adjusted Operating Income, Adjusted EBITDA and Adjusted Cash Flow are non-IFRS financial measures used by the Company to monitor its performance and definitions of these terms along with reconciliation to the closest IFRS measure may be found in the accompanying MD&amp;A on pages 3, 13, 17 and 18 posted today at www.sedar.com and www.sec.gov.</p>    <p align="justify"><strong>About Sangoma Technologies Corporation<br ></strong>Sangoma Technologies is a trusted leader in delivering value-based Communications as a Service (CaaS) and Managed Service Provider (MSP) solutions for businesses of all sizes, including Managed Security, Managed SD-WAN and Managed Access. Sangoma&#8217;s cloud-based communication services include Unified Communication (UCaaS) business communications, Contact Center as a Service (CCaaS), Video Meetings as a Service (MaaS), Collaboration as a Service (Collab aaS), Communications Platform as a Service (CPaaS), Trunking as a Service (TaaS), Fax as a Service (FaaS), Device as a Service (DaaS), and Access Control as a Service (ACaaS). In addition, Sangoma offers a full line of communications Products, including premise-based UC systems, a full line of desk phones and headsets, and a complete connectivity suite (gateways/SBCs/telephony cards). Sangoma&#8217;s products and services are used in leading UC, PBX, IVR, contact center, carrier networks, office productivity, and data communication applications worldwide. Sangoma is also the primary developer and sponsor of Asterisk and FreePBX, the world&#8217;s two most widely used open-source communication software projects.</p>    <p align="justify">Sangoma Technologies Corporation is publicly traded on the Toronto Stock Exchange (TSX: STC) and Nasdaq (Nasdaq: SANG). Additional information on Sangoma can be found at: <u>www.sangoma.com</u><u>. </u></p>    <p align="justify"><strong>Cautionary Statement Regarding Forward Looking Statements</strong><br >This press release contains forward-looking statements, including statements regarding the expected fiscal 2023 financial results and the future success of our business, development strategies and future opportunities.</p>    <p align="justify">Forward-looking statements are provided for the purpose of presenting information about management&#8217;s current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking statements include, but are not limited to, statements relating to management&#8217;s guidance on revenue and Adjusted EBITDA, and other statements which are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should" and similar expressions indicate forward-looking statements.</p>    <p align="justify">Although Sangoma believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve inherent risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements, if at all. Forward-looking statements are based on the opinions and estimates of management at the date that the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected, estimated or anticipated in forward-looking statements.</p>    <p align="justify">Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other events contemplated by the forward-looking statements will not occur. Although Sangoma believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct as these expectations are, therefore, inherently subject to business, economic and competitive uncertainties and contingencies. Some of the risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements contained in its management's discussion and analysis, annual information form and management information circular (each available on <u>www.sedar.com</u>) include, but are not limited to, risks and uncertainties associated with the integration of NetFortris, the remediation of material weaknesses, the impact of the continuing COVID-19 pandemic, changes in exchange rate between the United States dollar and other currencies, expectations regarding the amount of frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill, delay in project deliveries, changes in technology, changes in the business climate, , changes to macroeconomic conditions, including rising interest rates and the occurrence of (or fears of an impending) of economic recession, risks related to the COVID-19 (coronavirus) pandemic, changes in the regulatory environment, the imposition of tariffs, the decline in the importance of the PSTN (as hereinafter defined), impairment of goodwill and new competitive pressures, and acts of terrorism and war, hostilities and conflicts, including, but not limited to, Russia&#8217;s invasion of Ukraine in February 2022. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Sangoma undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by law.</p>    <p align="justify">Sangoma Technologies Corporation<br >Larry Stock<br >Chief Financial Officer<br ><u>investorrelations@sangoma.com</u></p> </p><p ></p></body></html>
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<DOCUMENT>
<TYPE>EX-99.4
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<DESCRIPTION>EXHIBIT 99.4
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<p ></p>

<p style="text-align: right; margin: 0"><b>Exhibit 99.4</b></p>

<p style="margin: 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white"><b>FORM 52-109F2<br >
CERTIFICATION OF INTERIM FILINGS<br >
FULL CERTIFICATE</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
I,&#160;William Wignall, President and Chief Executive Officer of Sangoma Technologies Corporation, certify the following:</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
1.&#160;<b><i>Review:</i></b>&#160;I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of&#160;Sangoma Technologies Corporation (the &ldquo;issuer&rdquo;) for the interim period ended&#160;September 30, 2022.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
2.&#160;<b><i>No misrepresentations:</i></b>&#160;Based on my knowledge, having exercised reasonable diligence, the interim filings do
not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make
a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
3.&#160;<b><i>Fair presentation:</i></b>&#160;Based on my knowledge, having exercised reasonable diligence, the interim financial report
together with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
4.&#160;<b><i>Responsibility:</i></b>&#160;The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109&#160;<i>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</i>, for the issuer.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
5.&#160;<b><i>Design:</i></b>&#160;Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>1.</td>
  <td colspan="2">designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td style="width: 3%">&#160;</td>
  <td style="width: 3%">&#160;</td>
  <td style="width: 3%">1.</td>
  <td style="width: 91%">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
are being prepared; and</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>&#160;</td>
  <td>2.</td>
  <td>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under
securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</td></tr>
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>2.</td>
  <td colspan="2">designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</td></tr>
</table>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">5.1&#160;<b><i>Control
framework:</i></b>&#160;The control framework the issuer&rsquo;s other certifying officer(s) and I used to design the issuer&rsquo;s
ICFR is&#160;Internal Control &ndash; Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring
Organizations of the Treadway Commission.<br ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white" ></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;<br > 5.2&#160; <b>ICFR &ndash; material
weakness relating to design:</b> The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing
at the interim period:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(a) a description of the material weakness;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(b) the impact of the material weakness on the
issuer&rsquo;s financial reporting and its ICFR; and</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(c) the issuer&rsquo;s current plans, if any,
or any actions already undertaken, for remediating the material weakness.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">5.3&#160; N/A</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">6.&#160;<b><i>Reporting changes in ICFR:</i></b>&#160;The
issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that occurred during the period beginning on July 1,
2022&#160;and ended on September 30, 2022&#160;that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s
ICFR.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; background-color: white"><br >
Date:&#160;November 10, 2022<br >
<br >
<u>&ldquo;<i>William Wignall</i>&rdquo;</u>____________________<br >
President and Chief Executive Officer<br >
<br >
</p>

<p style="font-size: 10pt; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt">

</p>
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<DOCUMENT>
<TYPE>EX-99.5
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<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML lang="en-US"><HEAD><TITLE>EdgarFiling</TITLE>
<META content="text/html; charset=windows-1252" >
<META name="GENERATOR" content="MSHTML 8.00.7601.18094" ></HEAD>
<BODY>
<p ></p>

<p style="text-align: right; margin: 0"><b>Exhibit 99.5</b></p>

<p style="margin: 0">&#160;</p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white"><b>FORM 52-109F2<br >
CERTIFICATION OF INTERIM FILINGS<br >
FULL CERTIFICATE</b></p>

<p style="font-size: 10pt; text-align: center; margin: 0pt 0; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
I,&#160;Larry Stock, Chief Financial Officer of Sangoma Technologies Corporation, certify the following:</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
1.&#160;<b><i>Review:</i></b>&#160;I have reviewed the interim financial report and interim MD&amp;A (together, the &ldquo;interim filings&rdquo;)
of&#160;Sangoma Technologies Corporation (the &ldquo;issuer&rdquo;) for the interim period ended&#160;September 30, 2022.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
2.&#160;<b><i>No misrepresentations:</i></b>&#160;Based on my knowledge, having exercised reasonable diligence, the interim filings do
not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make
a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
3.&#160;<b><i>Fair presentation:</i></b>&#160;Based on my knowledge, having exercised reasonable diligence, the interim financial report
together with the other financial information included in the interim filings fairly present in all material respects the financial condition,
financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
4.&#160;<b><i>Responsibility:</i></b>&#160;The issuer&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National
Instrument 52-109&#160;<i>Certification of Disclosure in Issuers&rsquo; Annual and Interim Filings</i>, for the issuer.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><br >
5.&#160;<b><i>Design:</i></b>&#160;Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&rsquo;s other certifying
officer(s) and I have, as at the end of the period covered by the interim filings</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>1.</td>
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<tr style="vertical-align: top; text-align: left">
  <td style="width: 3%">&#160;</td>
  <td style="width: 3%">&#160;</td>
  <td style="width: 3%">1.</td>
  <td style="width: 91%">material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings
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<tr style="vertical-align: top; text-align: left">
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  <td>&#160;</td>
  <td>2.</td>
  <td>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under
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<tr style="vertical-align: top; text-align: left">
  <td>&#160;</td>
  <td>2.</td>
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reporting and the preparation of financial statements for external purposes in accordance with the issuer&rsquo;s GAAP.</td></tr>
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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">5.1&#160;<b><i>Control framework:</i></b>&#160;The
control framework the issuer&rsquo;s other certifying officer(s) and I used to design the issuer&rsquo;s ICFR is&#160;Internal Control
&ndash; Integrated Framework (COSO 2013 Framework) published by The Committee of Sponsoring Organizations of the Treadway Commission.<br ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white" ></p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

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<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;<br > 5.2&#160; <b>ICFR &ndash;
material weakness relating to design:</b> The issuer has disclosed in its interim MD&amp;A for each material weakness relating to
design existing at the interim period:</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(a) a description of the material weakness;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(b) the impact of the material weakness on the
issuer&rsquo;s financial reporting and its ICFR; and</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">(c) the issuer&rsquo;s current plans, if any,
or any actions already undertaken, for remediating the material weakness.</p>

<p style="margin: 0pt 0; font-size: 10pt; text-align: justify; background-color: white">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">5.3&#160; N/A</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">6.&#160;<b><i>Reporting changes in ICFR:</i></b>&#160;The
issuer has disclosed in its interim MD&amp;A any change in the issuer&rsquo;s ICFR that occurred during the period beginning on July 1,
2022&#160;and ended on September 30, 2022&#160;that has materially affected, or is reasonably likely to materially affect, the issuer&rsquo;s
ICFR.</p>

<p style="font-size: 10pt; text-align: justify; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0; background-color: white"><br >
Date:&#160;November 10, 2022<br >
<br >
<u>&ldquo;<i>Larry Stock</i>&rdquo;</u>____________________<br >
Chief Financial Officer<br >
<br >
</p>

<p style="font-size: 10pt; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

<p style="font-size: 10pt; margin: 0pt 0">&#160;</p>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
