Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 247

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 247
---
4, an increase of $1,500 or 12.0%. The increase represents an increase in our quarterly review fees.

    iv)
    Professional fees were
    $10,075 and $11,607 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1,532 or 13.2%. The
    decrease is primarily due to a reduction in filing fees.

    v)
    Legal fees were $19,315 and $89,334 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $70,019 or 78.4%. The decrease is primarily due to the settlement of the unfair dismissal matters which were claimed in the prior year by several individuals.

    vi)
    Selling and marketing expenses was $325 and $5,991 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $5,666 or 94.6%. Selling and marketing costs related to an endorsement deal with a celebrity ceased during the prior year.

    vii)
    The balance of the general and administrative expenses was $17,182 and $19,116 for the three months ended September 30, 2025 and 2024, respectively, a decrease of $1,934 or 10.1 %. The decrease is made up of  several individually insignificant items.

Depreciation and
amortization

Depreciation
was $543 and $543 for the three months ended September 30, 2025 and 2024. Depreciation is on small office related equipment.

Gain (Loss) on
settlement and repricing of convertible notes

Gain
on settlement and repricing of convertible notes was $11,719,565 for the three months ended September 30, 2025 and loss on settlement
and repricing of convertible notes was$4,541,102 for the three months ended September 30, an increase of $16,260,667 or 358.1%. The gain
on settlement and repricing of convertible notes during the current year related to; (i) a loss of $236,312 realized on conversion of
certain convertible debt at prices lower than the current market price during the current period and (ii) a gain on repricing of certain
convertible debt from prices ranging from $0.0005 to $0.345 per share to $0