Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 1172

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1172
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 of Directors oversees management in their duty to manage the risk of our company and
each of our subsidiaries. Our Board of Directors regularly reviews information provided by management as management works to manage risks
in the business. Our Board of Directors intends to establish board committees to assist the full Board of Directors’ oversight by
focusing on risks related to the particular area of concentration of the relevant committee.

Director Independence

Our Board of Directors,
in the exercise of its reasonable business judgment, has determined that David Rios qualifies as independent directors pursuant to Nasdaq
Stock Market Rule 5605(a)(2) and applicable SEC rules and regulations.

Potential Conflicts
of Interest

Since we did not have
an Audit Committee or Compensation Committee comprised of independent directors, the functions that would have been performed by such
committees were performed by our directors. Thus, there was an inherent conflict of interest. 

Delinquent Section
16 Reports

Section 16(a) of the
Exchange Act requires our executive officers, directors and persons who beneficially own more than 10 percent of a registered class of
our equity securities, to file with the SEC initial reports of ownership and reports of changes in ownership of our Common Stock. Such
officers, directors and persons are required by SEC regulation to furnish us with copies of all Section 16(a) forms that they file with
the SEC.

32

Item 11. Executive Compensation

Summary Compensation
Table

The following table summarizes
all compensation earned in each of the last two fiscal years ended December 31, 2024 and 2023 by our: (i) principal executive officer;
(ii) principal accounting officer and (iii) most highly compensated executive officer other than the principal executive officer who was
serving as an executive officer of our company as of the end of the last completed fiscal year. The tables below reflect the compensation
for the IPSI executive officers who are also named executive officers of the combined company.

    Name and principal position 
    Year 
    Salary  
    Bonus  
    Stock awards  
    Option awards  
    All other comp.  
    Total 
  
    William Corbett, 
    2024 
    $180,000  
    $      -  
    $     -  
    $155,369(a) 
    $2,541(b) 
    $337,910 
  
    Chairman of the Board and Chief Executive Officer (1) 
    2023