Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 232

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 232
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, 2025 and 2024.

General and administrative expenses

General and administrative
expenses were $424,944 and $1,033,929 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $608,985 or 58.9%.
The decrease is primarily due to the following:

    i)
    Salaries and wages were $184,667 and $473,993 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $289,326 or 61.0%. The decrease is primarily due to the resignation of our CFO, resulting in a saving of $94,500, the resignation of our administrative personnel resulting in a saving of $20,500, a reduction in stock based compensation of $169,742 due to the full amortization of options in the prior period.

    ii)
    Audit fees were $109,500 and $92,500 for the six months ended June 30, 2025 and 2024, an increase of $17,000 or 18.4%, primarily due to the timing of invoices received for services provided by our external auditors.

    iii)
    Consulting fees was $38,696 and $32,000 for the six months ended June 30, 2025 and 2024, respectively, an increase of $6,696 or 20.9%. The increase is primarily related to certain administrative functions assumed by consultants during the current period.

    iv)
    Research and developments costs was $32,000 and $0 for the six months ended June 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.

35

    v)
    Professional fees were $18,985 and $23,834 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $4,849 or 20.3%. The decrease is primarily due to a reduction in solicitation fees incurred in the prior year. 

    vi)
    Legal fees were $7,805 and $218,664 for the six months ended June 30, 2025 and 2024, respectively, a decrease of $210,859 or 96.4%. The decrease is primarily due to the prior year legal fees related to unfair dismissal