Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 139

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 139
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Transactions, and Director Independence

Transactions with Related Persons

The following includes
a summary of any transaction occurring during the year ended December 31, 2024 for us and our subsidiaries or any proposed transaction,
in which we and our subsidiaries were or are to be a participant and the amount involved exceeded or exceeds 1% of the average of our
total assets at year end for the last two completed fiscal years, and in which any related person had or will have a direct or indirect
material interest (other than compensation described under “Executive Compensation” above). We believe the terms obtained
or consideration that we paid or received, as applicable, in connection with the transactions described below were comparable to terms
available or the amounts that would be paid or received, as applicable, in arm’s-length transactions: 

There were no transactions concluded with related parties that meet
the criteria outlined above.

38

Item 14. Principal
Accountant Fees and Services

RBSM LLP serves as our independent registered
public accounting firm.

The following table sets forth the aggregate
fees including expenses billed to us for the years ended December 31, 2024 and 2023 by our auditors:

    Year Ended December 31,  
    Year Ended December 31, 

    2024  
    2023 
  
    Audit fees and expenses 
    $117,500  
    $81,000 
  
    Taxation preparation fees 
     -  
     - 
  
    Audit related fees 
     -  
     15,000 
  
    Other fees 
     -  
     - 

    $117,500  
    $96,000 

(1)Audit fees and expenses were
for professional services rendered for the audit and reviews of the consolidated financial statements of the Company, professional services
rendered for issuance of consents and assistance with review of documents filed with the SEC.

Audit Committee’s Pre-Approval Practice

Prior to our engagement
of our independent auditor, such engagement was approved by our board of directors. The services provided under this engagement may include
audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any
pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. Pursuant
our requirements, the independent auditors and management are required to report to our board