Company: IPSI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026455
Chunk: 662

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 662
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Net loss from
continuing operations

Net loss from continuing
operations was $4,126,341 and $5,301,112 for the years ended December 31, 2024 and 2023, respectively, a decrease of $1,174,771 or 22.2%.
The decrease is primarily due to the decrease in general and administrative expenses, a decrease in depreciation and amortization, a
decrease in loss on novation and the movement in derivative liability, offset by an increase in loss on convertible notes and fair value
of price protected warrants, as discussed in detail above.

Operating loss
from discontinued operations

Operating loss from
discontinued operations was $0 and $40,821 for the years ended December 31, 2024 and 2023, respectively, a decrease of $40,821 or 100.0%.
On May 12, 2023, we entered 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