Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 132

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 of Common Stock.

c)Merger
Agreement with Business Warrior

Business Warrior Corporation (“Business
Warrior”) is a publicly listed, revenue generating fintech company that offers PayPlan, a comprehensive lending software platform
that includes marketing services for lenders and businesses. We believed that a potential combination with a fintech company that generates
some revenue monthly would complement the development and commercial launch of our IPSIPay ExpressTM products and potentially
other product offerings.

On July 28, 2024, the Company entered
into an Agreement and Plan of Merger by and among the Company, IPSI Merger Sub, Inc., a Delaware corporation and a newly formed, wholly
owned subsidiary of the Company (“Merger Sub”) and Business Warrior.

On January 22, 2025, the Company and
Business Warrior mutually agreed to terminate the Agreement and Plan of Merger dated July 28, 2024. This decision reflects our shared
understanding and agreement that discontinuing the merger is in the best interest of both parties.  

 d)Corporate
                                            address

The Company terminated its lease at
56B 5th Street, Lot 1, #AT, Carmel by the Sea, California, 93921, on August 31, 2023 and no longer has access to this office.

On September 13, 2025, the Company
entered into a virtual premise lease agreement with Nevada Corporate Office, LLC at its premises located at 732 S 6th Street,
Las Vegas, Nevada, 89101. The lease is for a period of twelve months with a rental expense of $29 per month. This rental agreement provides
the Company with a physical corporate address and access to conference and meeting rooms for an additional fee.

7

INNOVATIVE PAYMENT SOLUTIONS, INC.

Notes to the Unaudited
Condensed Financial Statements

2ACCOUNTING
POLICIES AND ESTIMATES

a)Basis
of Presentation

The accompanying unaudited condensed
financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for
interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed
financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In
the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (