Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 184

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 184
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,679 or 23.5%.
The increase is primarily due to the following:

    i)
    Salaries and wages were $159,709 and $140,087 for the three months ended September 30, 2025 and 2024, respectively, an increase of $19,622 or 14.0%. The increase is primarily due to the issue of 25,000,000 shares of restricted stock to our CEO with a fair market value of $92,500, offset by  a decrease in payroll expense due to the resignation of our CFO during the first quarter, resulting in a saving of $54,000, the resignation of an administrative member resulting in a saving of $20,321, offset by an increase in our CEO’s salary of $30,000 over the prior year, and a reduction in stock based compensation expense of $30,117 related to the amortization of stock options issued in the prior year. 

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    ii)
    Consulting fees were $145,511 and $17,803 for the three months ended September 30, 2025 and 2024, respectively, an increase of $127,708 or 717.3%. The increase is primarily due to an increase in consulting fees of $10,000 due to administrative functions being performed by consultants and additional consulting fees settled by the issuance of restricted stock with a fair market value of $120,250 to consultants who have been advising the Company.

    iii)
    Audit fees were $14,000 and $12,500 for the three months ended September 30, 2025 and 2024, an increase of $1,500 or 12.0%. The increase represents an increase in our quarterly review fees.

    iv)
    Professional fees were
    $10,075 and $11,607 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1,532 or 13.2%. The
    decrease is primarily due to a reduction in filing fees.

    v)
    Legal fees were $19,315 and $89,334 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $70,019 or 78.4%. The decrease is primarily due to the settlement of the unfair dismissal matters which were claimed in the prior year by several individuals.

    vi)
    Selling and marketing expenses was $325 and $5,991 for the three months