Company: IPSI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110820
Chunk: 193

Company: Innovative Payment Solutions, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 193
---

as a going concern.

We do not have any off balance
sheet financing arrangements as of the date of this Report.

Capital Expenditures

Our capital expenditure is
dependent on our cash resources, currently we are not forecasting any additional capital expenditure for the 2025 fiscal year.

Item 3. Quantitative and Qualitative Disclosures About Market Risks

We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b)
under the Exchange Act, our management carried out an evaluation, with the participation of our Chief Executive Officer (“CEO”)
who also fulfils the role of our President and Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls
and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Report. Based upon
that evaluation, our CEO concluded that our disclosure controls and procedures as of September 30, 2025 are not effective due to a lack
of written policies and procedures to address all material transactions and developments impacting our financial statements.

Changes in Internal Control over Financial
Reporting

There has been no change in
our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during our
fiscal quarter ended September 30, 2025.

Our management is committed
to improving our controls and procedures by, among other matters, continuing to consider and adopt appropriate policies and procedures
to address all material transactions and developments impacting our financial statements. However, our management does not expect that
our disclosure controls and procedures and our internal control processes, even if improved, will prevent all error and all fraud. A control
system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control
system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of
controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls
can provide absolute assurance that all control issues and instances of error or fraud, if any, within our Company have been detected.
These inherent limitations include the