Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 185

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 185
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 ended September 30, 2025 and 2024, respectively, a decrease of $5,666 or 94.6%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

    vii)
    The balance of the general and administrative expenses was $17,182 and $19,116 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1,934 or 10.1 %. The decrease is made up of  several individually insignificant items.

Depreciation and
amortization

Depreciation
was $543 and $543 for the three months ended September 30, 2025 and 2024. Depreciation is on small office related equipment.

Gain (Loss) on
settlement and repricing of convertible notes

Gain
on settlement and repricing of convertible notes was $11,719,565 for the three months ended September 30, 2025 and loss on settlement
and repricing of convertible notes was$4,541,102 for the three months ended September 30, an increase of $16,260,667 or 358.1%. The gain
on settlement and repricing of convertible notes during the current year related to; (i) a loss of $236,312 realized on conversion of
certain convertible debt at prices lower than the current market price during the current period and (ii) a gain on repricing of certain
convertible debt from prices ranging from $0.0005 to $0.345 per share to $0.01 per share, resulting in a gain of $11,955,877. In the prior
period, the loss on settlement and repricing of convertible notes related to (i) a loss of $4,318,669 realized on an anti-dilution adjustment
to the conversion feature of certain convertible notes; (ii) a loss of $56,329 realized on the conversion feature of a convertible note
which through a no notice default clause, triggered a variable priced conversion liability; and (iii) a loss of $159,493 realized on conversion
of certain convertible notes at prices lower than the current market price during the prior year. 

Fair value adjustment
to price protected warrants

Fair
value on price protected warrants was $0 and $2,051,405 for the three months ended September 30, 2025 and 2024, respectively. During the