Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 947

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 947
---
 respectively, a decrease of $551,188 or 57.1%, primarily related to a reduction in legal activity
    and therefore expenses on the two ongoing legal matters. Management is mobbing towards settling the one matter with the other matter
    still ongoing.

    (iv)
    Selling and marketing costs were $154,864 and $428,909
    for the years ended December 31, 2024 and 2023, respectively, a decrease of $274,045 or 64.0%. The decrease is due to a decrease
    in endorsement fees of $141,423 related to the conclusion of the three year marketing deal with Mario Lopez in July 2024 and a reduction
    in direct marketing and social marketing spend of $132,622 due to the strategic shift away from the e-wallet business as we focus
    our attention ion the IPSIPay Express joint venture.

24

    (v)
    Insurance expense was $793 and $105,380 for the years ended
    December 31, 2024 and 2023, respectively, a decrease of $104,587 or 99.2%, primarily due to the cancellation of certain policies
    during the prior year.

    (vi)
    Consulting fees were $83,913 and $108,000 for
    the years ended December 31, 2024 and 2023, respectively, a decrease of $24,087 or 22.3%. The decrease is primarily due to the decrease
    in technical consulting expenses of $24,087 as we focus our attention on the IPSIPay Express joint venture.

    (vii)
    Directors’ fees were $36,000 and $52,500 for the
    years ended December 31, 2024 and 2023, respectively, a decrease of $16,500 or 31.4%, due to the resignation of a director, who was
    not replaced during the prior year.

    (viii)
    Other general and administrative expenses were $169,646and
    $180,769 for the years ended December 31, 2024 and 2023, respectively, a decrease of $11,173 or 6.2%. The decrease is made up of
    several individually insignificant balances, in line with management’s overall objective of decreasing operational expenditure
    during the 2024 fiscal year.  

Depreciation

Depreciation was $2,169
and $380,634