Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 188

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 188
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 full amortization of options in the prior period, offset by a restricted stock expense of $92,500 for stock issued to our CEO on August 19, 2025..

    ii)
    Legal fees were $27,120 and $307,997 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $280,877 or 91.2%. The decrease is primarily due to the prior year legal fees related to unfair dismissal matters which were claimed in the prior year by several individuals.

    iii)
    Selling and marketing expenses were $325 and $154,864 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $154,539 or 99.8%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

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    iv)
    Consulting fees was $184,207 and $49,803 for the nine months ended September 30, 2025 and 2024, respectively, an increase of $134,404 or 269.9%. 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.

    v)
    Audit fees were $123,500 and $105,000 for the nine months ended September 30, 2025 and 2024, an increase of $18,500 or 17.6%, primarily due to the timing of invoices received for services provided by our external auditors.

    vi)
    Research and developments costs was $32,000 and $0 for the nine months ended September 30, 2025 and 2024, respectively, an increase of $32,000 or 100.0%. The increase was due to a cost incurred on developing a new revenue source during the current period.

    vii)
    Professional fees were $29,060 and $35,441 for the nine months ended September 30, 2025 and 2024, respectively, a decrease of $6,381 or 18.0%. The decrease is primarily due to a reduction in solicitation fees incurred in the prior year. 

    viii)
    The balance of the general and administrative expenses was $50,473 and $63,181 for the nine months ended September 30,