Company: IPSI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076595
Chunk: 171

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 171
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 salaries by $20,500 offset by an increase in our CEO’s salary by $30,000 due to increased responsibilities assumed on the resignation of our CFO. 

    ii)
    Research and developments costs was $32,000 and $0 for the three 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.

33

    iii)
    Consulting fees was $21,695 and $17,000 for the three months ended June 30, 2025 and 2024, respectively, an increase of $4,695 or 27.6%. The increase is primarily due to additional administrative functions assumed by consultants.

    iv)
    Audit fees were $14,000 and $12,500 for the three months ended June 30, 2025 and 2024, a decrease of $1,500 or 12.0%. The increase represents an increase in our quarterly review fees.

    v)
    Professional fees were $10,804 and $14,276 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $3,472 or 24.3%. The decrease is primarily due to a reduction in soliciting agents fees incurred in the prior year.

    vi)
    Legal fees were $4,000 and $66,069 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $62,069 or 93.9%. The decrease is primarily due to the settlement of the unfair dismissal matters which were claimed in the prior year by several individuals.

    vii)
    Selling and marketing expenses was $0 and $73,167 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $73,167 or 100.0%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

    viii)
    The balance of the general and administrative expenses was $15,020
and $19,130 for the three months ended June 30, 2025 and 2024, respectively, a decrease of $4,110 or 21.5%. The decrease is made up of  several
individually insignificant items.

Depreciation and
amortization

Depreciation