Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 174

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 174
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001,308 and $797,645 for the three months ended June 30, 2025 and 2024, respectively, an increase of $21,203,663 or 2,658.3%.
The increase is primarily due to the increase in the loss on convertible debt, the increase in the fair value adjustment to price protected
securities and the deemed dividend expense, offset by the decrease in general and administrative expenses and the increase in derivative
liability movement, discussed in detail above.

Results of Operations for the Six Months Ended
June 30, 2025 and June 30, 2024

Net revenue

We had no revenues for the
three months ended June 30, 2025 and 2024. We pivoted to focus our attention on the IPSIPay Express joint venture and potential payment
processing opportunities to generate revenues, however there can be no guarantees that we will be successful in our endeavors.

Cost of goods sold

We had no cost of goods sold
for the three months ended June 30, 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