Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 367

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 367
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 into an agreement with Frictionless to unwind the equity ownership stakes that we and Frictionless have
in each other and in Beyond Fintech. We assigned to Frictionless all common stock of Frictionless owned by us and all shares of common
stock of Beyond Fintech owned by us.

Loss on disposal
of subsidiary

Loss on disposal of
subsidiary was $0 and $495,424 for the years ended December 31, 2024 and 2023, respectively, a decrease of $495,424 or 100.0%. This relates
to the unwinding of our relationship with Frictionless as described above. The consideration received by us for the assignment of our
equity in Beyond Fintech to Frictionless was $250,000, resulting in a net loss on disposal of $495,424.

Net loss

Net loss was $4,126,341
and $5,837,357 for the years ended December 31, 2024 and 2023, respectively, a decrease of $1,711,016 or 29.3%. the decrease is primarily
attributable to the decrease in net loss from continuing operations and the decrease in loss on disposal of subsidiary and investment,
as described above.

Net loss attributable
to non-controlling interest

Net loss attributable
to non-controlling interest was $0 and $1,597 for the years ended December 31, 2024 and 2023, respectively, a decrease of $1,597 or 100.0%.
We disposed of our Beyond Fintech subsidiary in the prior year, thereby eliminating minority shareholders’ interests.

Deemed dividend

Deemed dividend was $426,807
and $0 for the years ended December 31, 2024 and 2023, respectively, an increase of $426,807 or 110.0%. the deemed dividend in the current
period related to a full rachet anti-dilution adjustment to certain fixed exercise price warrants issued to a convertible note holder
during the current year. The deemed dividend was recorded as a component of additional paid in capital.

Net loss attributable
to Innovative Payment Solutions Inc., stockholders

Net loss was $4,553,148
and $5,835,760 for the years ended December 31, 2024 and 2023, respectively, a decrease of $1,282,612 or 22.0%. the decrease is primarily
attributable to the