Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1376

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1376
---
 $
    805,216

  * After giving effect to a 1 for 30 reverse stock split on August 30, 2023. 

The accompanying notes
are an integral part of these audited consolidated financial statements.

F-3

INNOVATIVE PAYMENT
SOLUTIONS, INC.

CONSOLIDATED STATEMENTS
OF OPERATIONS

    Twelve months ended  
    Twelve months ended 

    December  
    December 

    2024  
    2023 
  
    Net Revenue 
    $-  
    $410 
  
    Cost of Goods Sold 
     -  
     3,547 

    Gross loss 
     -  
     (3,137)

    General and administrative 
     1,883,257  
     3,576,352 
  
    Depreciation 
     2,169  
     380,634 
  
    Total Expense 
     1,885,426  
     3,956,986 

    Loss from Operations 
     (1,885,426) 
     (3,960,123)

    Loss on convertible notes 
     (4,764,680) 
     (164,323)
  
    Fair value adjustment to price protected warrants 
     (2,051,405) 
     - 
  
    Loss on novation 
     -  
     (1,066,165)
  
    Fair value of warrants issued 
     -  
     (14,176)
  
    Loss on disposal of assets 
     (2,600) 
     - 
  
    Interest expense 
     (603,588) 
     (424,117)
  
    Interest income 
     32,838  
     - 
  
    Amortization of debt discount 
     (1,037,914) 
     (770,372)
  
    Derivative liability movements 
     6,892,395  
     1,501,446 
  
    Loss before income taxes 
     (3,420,380) 
     (4,897,830)
  
    Income taxes 
     -  
     - 
  
    Net loss after income taxes 
     (3,420,380) 
     (4,897,830)

    Operating loss from equity method